Not saving enough for retirement can be a financial regret.
According to Bankrate.com, nearly one in three Gen Z workers are not actively saving for retirement.
The move could ultimately cost them hundreds of thousands in retirement savings, but inflation, higher costs of living and reduced income can be challenging factors.
Still, experts say you can still save, even if it’s a small amount. For example, a 22-year-old worker who starts investing about $5,000 in a 401k or similar investment, with about an 8% return, could end up with almost $1.3 million at age 62.
But, if you don’t start investing until 32 years old, you could cost you more than $700,000!
If you’re just getting started, buy a diversified portfolio, add to funds regularly and hold on to the investments through both good times and bad. And, wait for the long-term payoff.