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I'm -- saving for retirement the earlier you start the better however in reality most of -- don't start building up our nest eggs until our thirties or.
Even later the considering the state of today's economy and Social Security do Americans need to Begin saving earlier.
In today's take charge consumer protection segment we look at how -- you can best prepare for your golden years whatever your age.
During -- sense lyzard -- -- -- he's president of diversified.
Financial consultants good morning this morning -- -- I want.
Oh well let's do it here let's say you're twenty you're so we've got to wait 42 years for -- hit forty S 65.
And you one have the time you retire one point five billion dollars so how much does that mean.
If we look at this -- on an annual basis somebody starting in their early mid twenties.
It accumulating 5000 dollars a year and IRA account the very easily can have a nexus about a million dollars.
So if the early you start the better off you are you wait ten years 35 year old before you start.
That could be half that number in other words for every year you're putting off the starting putting away dolls for your retirement for your savings -- future course to forty.
Thousand dollars in savings -- retirement.
And you know we always have made I hear you telling us about her -- that it's about 5000 dollars a year were looking for let's talk about kind of breaking it down it.
Per month by weakly weakly when people get those paychecks because that's when you really have to.
To take charge and make it happen even the daily stuff -- -- about maybe not getting the extra.
You know bring your likes to work these types of things list because it's all year.
I let -- -- two quick issues the first is that you know although we sit down enroll 41 K participants all the time and first thing we get it I can't afford it.
And then you look at -- lot they have on their -- -- or what did you spend the launch on a daily basis he going.
-- -- you can say 510 dollars a day it's really not that difficult to lifestyle changed.
-- one issue number two least get that money taken out of your paycheck before you get the opportunity to spend.
Look at what we're -- human if we get that dollar a pocket we're gonna find a way to get rid of it.
Whatever that the case may be so.
Get your employer to take that money out of your paycheck it -- out of a pretax basis that's the way to get started -- or you can even have your savings account set up to where it goes -- -- account directly automatically drafted out and put into your savings -- great point that great -- like people say well my implored isn't have a retirement plan does 41 K plan.
You can find your -- IRA account or if you can think about retirement right now think about funding a mutual fund.
Most mutual fund companies will do -- fifty a hundred dollars a month automatically -- -- you're checking account.
Automatically to mutual fund the key should not thinking about you not write that check you not -- kind -- -- -- it automatically comes out automatically.
Invested for so we worry -- we start out by talking about if your in your twenties go ahead -- it now -- there are people who.
Haven't been able to do that for various reasons and let's say you're sitting here watching your in your forties and you're thinking you know what I'm behind the curve ball in this.
What does someone in their forties how can that person get on board and feel like they're gonna have something -- to -- -- when it's time to.
Hit return -- we we see this all the time we quote like that spears you're paying your mortgage you pay if you kids' college.
You wake up one day all that -- eagle wow I have a very short time point.
Well the guys in Washington ain't that -- no matter what we think they'd given its huge opportunities.
In -- 401K for three B 171000.
Dollars a year to date if you're over fifty years old -- -- -- do another 5500 dollars.
Profit sharing plan if you self employed or or working for small corporation.
Get -- 50000.
Dollars -- your -- -- pretax basis so there are huge opportunities if you have the cash flow.
Get those dolls away at a pretax basis get the tax savings that you would -- given up to federal state government.
Put that in your retirement plans hit that million dollar golf.
Can you just talked about that the key where it's cash a lot of people don't have the cash and that's what I want it.
I would like you to help it it's all mine -- the Dominik so I want someone who's in their forties thinking yeah it's great for a went -- -- -- that I don't have it.
Break -- down for them give them some simple tip that'll make its more realistic for them to start putting that money away that they really need to.
That that the biggest problem we see is that people looking at this very large number of admit hypothetical million dollars in the night it just not gonna happen I can't put -- 10151000.
Dollars a year.
But it really got to break it down to your weekly monthly expenses.
And you realize that you know what if I if -- -- don't like to dinner that extra time it get it back figure out a way to cut that cell phone bill by fifty bucks a week a month.
You could take that automatically that's the key have -- automatically out of a paycheck or how do you check and cap.
Put -- away kind of forget about it you'd be amazed how that money -- We've actually had participants come back to last at the 35 years and say honestly we would never have this money saved the way Keating getting it taken out of my paycheck and on unreal places rated by his stomach to -- thank you very much and things -- breaking it down have a great day UT.
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