There are so many things we know we should do: have health insurance, plan for retirement, save, budget--the list goes on and on. But what happens if we skip these crucial money musts? By Sarah Kaufman, REDBOOK.
It can seem impossible to add to your savings when there's so much use for money now, but rather than thinking of budgeting for retirement as an impediment, start seeing it as another tool to reach your goals, says Linda Descano, president and CEO of Citi's Women & Co.
When should you ideally start planning? "The day you start your first job," said Jean Setzfand, an AARP retirement expert. "If you're going to spend your last 35 years not working, you need to be saving for retirement during every one of the 35 or 40 years that you are working."
For example, a 25-year-old who contributes 5 percent of her $40K annual salary and ups her contribution to 10 percent later in life will save almost $1 million over the course of 40 years, according toRead More »from The 5 Financial Decisions that Set You Back Thousands