Imagine yourself in twenty years, an older wiser self examining your retirement savings. Are you joyful or fearful? Are you praising your planning and forethought, or cursing your inaction?
There is a Chinese proverb that states “The best time to plant a tree was 20 years ago. The next best time is now.” This proverb also applies to saving for retirement, and the actions you take today will determine how your future self lives. If you haven’t been saving for your retirement sign up for a 401K plan and get payroll withholding or open up an IRA account and automatic transfer money to it each time you get paid. If money is very tight start with just a few percent- that is much better than nothing, but start today!
If you were saving, but are worried you aren’t saving enough- try increasing your savings 5%. It really shouldn’t make a noticeable difference in your quality of life now, but won’t your future self be much happier? The next time you get a raise or bonus- put some of it into savings immediately. A few percent more each year can quickly build up your savings. Before you know it that twenty years will have passed, and you can look back on today with pride.