Social Insecurity: The 7 Biggest Retirement Savings Mistakes

Photo by: mensatic
Not Starting Soon Enough
The best time to start to save for retirement is as soon as you start working. The second best time is now, as you're reading this. The magic of compound ... more 
Photo by: mensatic
Not Starting Soon Enough
The best time to start to save for retirement is as soon as you start working. The second best time is now, as you're reading this. The magic of compound interest favors the young. The longer you have to save, the more money you'll get when you're done working. It sounds simple, doesn't it? But it's not. It can be really difficult to get motivated to start saving. Either retirement feels like a long way off, or it feels like it's too late to get started. It's not, I swear.
Related: The 7 biggest money mistakes couples make - and how to fix them less 
1 / 7
Wed, Sep 11, 2013 12:59 PM EDT

Retirement is a big scary word, one that many people aren't prepared for, financially. You know, retirement really isn't that far off. I mean, sure, it could be 30 years away, but that time passes so fast that you should be thinking about saving for retirement in your first job out of college. In fact, I'd argue that you should start saving for retirement as soon as you start working! That way, you don't "miss" the extra money that gets put toward retirement goals. You're already saving, so you get used to spending what you have left in your paycheck. Preparation is half the battle here, so if you can avoid all ten of these biggest retirement savings mistakes, you'll be on the path to eating caviar (not cat food) in your sunset years. Click through for the 7 biggest retirement savings mistakes! -By Kathleen O'Malley

MORE ON BABBLE

8 money conversations to have with your partner - TODAY
10 "money-saving" tips that actually leave you broke
5 reasons you're in debt - and how to get out of it