The High Cost of Procrastination
Did you ever stop to think that habitually putting things off might actually cost you money? Just consider the potential impact delays can have on your future. Wait to start saving for retirement and you could face a hefty price tag.
The 40-year-old who wants to save $1 million by age 65 has to start putting away more than $1,000 a month. But a 20-year-old needs to save only $190 a month.*
Likewise, if you put off doing your taxes until April 14, you'll delay receiving any refund owed to you – money you could put to work promptly in an IRA.
*Assuming 8% a year, and does not include taxes or inflation. This example is for illustrative purposes only. The assumed rate of return is hypothetical and does not represent the return of any particular investment option.
How to change – now!
Make the decision to be a go-getter in the future by trying some simple strategies. Break tasks into doable pieces, perhaps things you can accomplish in five minutes or so.
A quick and easy way to get on track with retirement planning is to take advantage of our online retirement planning tool. It's available online any time, and more than the 90 percent[1] of people who tried it said they completed the exercise in less than 15 minutes. Use it to:
- Identify shortfalls in retirement savings
- Try out scenarios that show how increasing your contributions or working longer can affect your retirement
- Draft a retirement guide that is personalized to your unique situation
» Get started: Try the online retirement planning tool now
Late may be better than never, but when it comes to building retirement savings, nothing may be better than now.
Take the next step
Increase how much you're saving. A small step today may make a big difference in the future.
