Personal Finance Buzz

The power of long periods of compounding is huge. Therefore you should start saving for retirement as early as you possibly can. But don’t take my word for it, let’s look at the math.

One of the biggest problems faced by would-be retirees is that they think they are saving enough money for the future, when in reality they aren’t. Chances are that you have a retirement savings gap.

U.S. workers aren’t saving enough for retirement. Nowhere near it. The 2011 Retirement Confidence Survey (put together by ebri.org) found that:

Many people worry about their retirement plans. Here are a few tips that will help to make sure that you are doing enough when saving for retirement.

When should you start saving for retirement? The earlier you begin planning, the bigger your nest egg and the sooner you can retire comfortably.

Saving for retirement is simple, not easy. Although saving rates are low, Canadians can utilize some key strategies to save for retirement.

Saving for your child’s college tuition can be a difficult task, especially in today’s economy. According to a study by Sallie Mae, 60% American families save regularly for their child’s college tuition. A surprising 24% of parents who save, however, admit to using their retirement savings to cover tuition for their children. Tapping into your retirement savings for tuition can jeopardize your financial future and may not be the best thing for your child either.

It is easy to stress out when your friends are talking about how their retirement funds are allocated, and you don’t have any funds to allocate. At 35, you may be getting a later start than some, but you still have three decades to save. With the right retirement plan in place, you can still have a wonderful retirement without financial worry.