Start saving NOW

I sat thru a financial seminar on Wednesday and I wanted to share with you in a few minutes topics we covered for several hours. The bottom line is start saving for retirement NOW!! Even if you don't have alot to put away now that is perfectly fine. Even $50 or $100 is better than nothing and you will be simply amazed at how the money grows over time. If you start at age 25 and start saving $250 dollars per month you will have $1,552,877 in your retirement account. Now this takes into account a few basic assumptions. One is an inflation rate of 3.10% If inflation is rising then your contribution year by year should also rise with it. So when you turn 26 instead of $3,000 you should have $3,093 per year. It's only $7.75 more per month. We are also assuming a constant rate of increase with the value which of course changes. If you follow this model this will provide you with $8,234 per month of income AFTER taxes. Sounds great but after adjustment for inflation it's only $2,428 in monthly income by today's standards. Can you live on that? Will SS ever be around in 40 years at least in it's current form? Bottom line talk to a financial advisor NOW to discuss your options. Don't wait to get started it will cost you so much more and save you so much less.

For example is someone wants to reach the same dollar amount and start at age 45 you must put $12,250 away each and every year. So more than 4 times the monthly amount to play catch up and reach the same levels to retire. This is why we want you to start now no matter how small the amount. I am not a financial advisor but I happen thru my job to know several good local qualified financial professionals. They have a wide range of products to help almost anyone no matter the situation. One last piece of advice, I have been told me some people in the industry that they didn't want to "bother" with people that wanted to open small accounts. That to me is the worst form of elitism I have seen. I pulled me accounts from this advisor when he told me how he felt. He assumed he was going me a favor by investing my money? I know that the people I work with now are happy to help me grow the small sums into larger ones. That way they make more money themselves. I would be happy to introduce you to them and let them give you some advice for the future. I would say why wait until 25 start even earlier. I wish I had done so.
I also would also buy a home as soon as possible but that is another topic for another day. Please let me know if you have any questions and I will get right back to you and do what I can to help you start investing in YOUR future.