The Importance of Saving
It is important to start preparing for the future. Many Americans don’t plan for a life after work but all dream of the day they retire. 43% of the American population doesn’t even have an estate plan (Forbes). Americans have to think about the life they want during retirement and if they have the money to support that lifestyle. You can start your Social Security retirement benefits as early as age 62, but full retirement age is 66 (Social Security Administration). But not every American gets Social Security. About 62 million people, roughly 1 in every 6 U.S. residents, collected Social Security benefits in June 2018 (Center on Budget and Policy Priorities). On top of that, humans are living much longer so people have to live off their Social Security much longer. The life expectancy of humans is consistently increasing across the world thanks to technological advancement in medical sciences (Elementum Money). To live the life you want to live during retirement, you must start saving early. Many financial planners recommend that you save 10% to 15% of your income for retirement, starting in your 20s (CNN Money). To sum it up, you better start saving!