Since taking a more hands-on approach, he started pouring additional contributions into his 403 on top of the 6.2% the college contributed to have an income separate from. He also started putting extra funds into a separate cash nest egg. Fisher also refinanced his home from a 30-year mortgage to a 15-year mortgage, and he then worked overtime to pay off his home and make upgrades to increase its value before retiring at 65.
Even though he now has a comfortable life in the Finger Lakes region of New York, looking back, he said he’d tell himself to start sooner. „Invest as early as you can and put away whatever you can afford,“ he told Business Insider. In his case, it would have made saving for retirement easier. And there’s a big incentive for anyone to start saving earlier: The earlier you start saving, the more you end up with.perfectly. Kobliner sets up two different retirement scenarios, with each person saving $1,000 a year in a retirement account with a 7% return. One person starts saving at 25, the other at 35. Even though one started just 10 years sooner, that person end up with over double the savings at age 65 compared with the person who waited.
„I got a late start,“ says Fisher, looking back at his saving process. He added that he was glad he had a job that encouraged retirement savings, even while he wasn’t taking much of an active role, but he says he didn’t hear enough about saving for retirement when he was young. Fisher feels fortunate to have started saving when he did, even if now seems late. „I’m not wealthy,“ he says, „but I am comfortable.
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