When it comes to personal savings, retirement savings in particular, Americans have not fared well. According to an Economic Policy Institute study on the state of American retirement in 2013, almost half of American families have no retirement savings. The median (50th percentile) retirement savings for working age families between the ages 32-37 is $480 and $17,000 for families closest to retirement. Check out the chart below:
While “the sooner you start investing for your future the less daunting of a task it becomes” has always been true, it is not too late to focus on saving. Even a small commitment to saving now will help you begin to develop disciplined saving and spending habits. Sometimes the hardest part is just figuring out how to get started. Not sure how to get started, we can give you a hand!
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