‘Save early and save often’ is great advice, and here’s what to do if you got a late start

  • Date: 30-Sep-2020
  • Source: CNBC
  • Sector:Economy
  • Country:GCC
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‘Save early and save often’ is great advice, and here’s what to do if you got a late start

Amy Blacklock, 52, managed an early retirement by cutting expenses and boosting her salary.Source: Amy BlacklockWe all know the advice on retirement planning.The younger you start, the easier it will be, and the less you'll have to save.Not everyone, however, is able to get that early start.Ironically, the most common retirement savings account, the 401(k) plan, is not delivering adequate savings, according to the Economic Policy Institute. Americans ages 56 to 61 had a median 401(k) balance of just $21,000 in 2016, the institute found, using Survey of Consumer Finance data.The good news is, it's never too late. For one thing, you've still got compounding interest on your side.Even over a short period of time, it is a powerful tool, says Morgan Hill, CEO and owner of Hill & Hill