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Plan for retirement early from "summary" of The Financial Diet by Chelsea Fagan,Lauren Ver Hage
When it comes to planning for retirement, the earlier you start, the better off you'll be. Starting to save and invest for retirement early in your career can make a significant difference in the amount of money you have when you eventually stop working. This is because of the power of compound interest, which allows your money to grow over time. By starting early, you give your investments more time to compound and grow. In addition to giving your money more time to grow, starting to save for retirement early also allows you to take advantage of employer-sponsored retirement plans, such as 401(k)s. Many employers offer matching contributions to these plans, which can help you grow your retirement savings even faster. By not taking advantage of these matching contributions, you're essentially leaving free money on the table. Another benefit of planning for retirement early is that it gives you more flexibility and options in the future. When you start saving early, you have more time to adjust your savings rate or investment strategy if needed. You also have more time to recover from any setbacks, such as market downturns or unexpected expenses. By starting to save for retirement early, you can also reduce the stress and anxiety that often comes with planning for the future. Knowing that you have a solid retirement savings plan in place can give you peace of mind and allow you to focus on other aspects of your life. It can also help you avoid having to work longer than you want to in order to afford retirement.- Planning for retirement early is one of the best financial decisions you can make. It allows you to take advantage of compound interest, employer contributions, flexibility, and peace of mind. So don't wait until it's too late – start planning for retirement now.
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