You know you should start saving for retirement before you turn 40. What can you do today to make that effort more productive and improve your chances of ending up with more retirement money, rather than less?
Structure your budget with the future in mind. Live within your means and assign a portion of what you earn to retirement savings. How much? Well, any percentage is better than nothing – but, ideally, pour 10% or more of what you earn into your retirement fund. If that seems excessive, consider this: you are at risk of living 25-30% of your lifetime with no paycheck except for Social Security.
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