“Retirement is too far away to think about.”
It is a long way off, but that’s exactly why it’s important to start saving as soon as possible—after all, time is money. “You can make major headway with the power of compound interest. Just $200 a month over 30 years can turn into $300,000,” says Blaylock, but the secret is starting early.
Whatever you’re able to contribute, the point is to start today and increase your contributions over time. Make small spending cuts by eating out less or taking less extravagant vacations and put that money toward retirement, says Blaylock.