WASHINGTON , Aug. 8, 2024 /PRNewswire/ -- A recent survey found that three-quarters of Americans regret not saving for retirement earlier. The average age for Americans to begin saving is 28.
However, 64% of those surveyed wish they had started building their savings plan before age 25. To avoid regrets related to financial planning, set a plan in place today. While this task can seem daunting and often leads to procrastination, here are some easy steps Finseca's financial advisors recommend to help you establish financial security early on.
Start Saving Now: Thanks to the magic of compound interest, any small savings you start with at a young age can significantly impact your retirement planning. Aim to put at least 5% of your paycheck into a retirement account, especially if your employer offers a match. The earlier you start, the more you'll have in the long run, and the brighter your financial future will be.
Take Control of Your Finances: Track your spending and create a budget. This is key to gaining financial control and setting yourself up for success. Understand What a Holistic Financial Plan Is: A holistic financial plan includes permanent life insurance, investments, and annuities.
According to Ernst & Young , Americans with holistic financial plans experience better returns than those without. Incorporating these elements into your strategy will provide comprehensive financial security. Work with a Financial Security Professional: Americans with advisors , also ca.