Think About Your Retirement NOW!

Frank Armstrong, III and Paul B. Brown

It’s impossible to overemphasize the importance of starting early to save for retirement. You know that without being told. Retirement is expensive. Retirement planning is all about accruing enough capital to support us for what could be almost a third of our life without a paycheck. And just like any other venture, being undercapitalized greatly increases the chance of failure.

Here is another view of the importance of starting early. Let’s say you and your spouse both resolve to fully fund your IRAs each year. That’s $10,000 per year. If you contribute for 40 years and receive an average return of 8%, you will accumulate $2,590,565. However, if you wait five years to start, ...