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Is it possible to retire comfortably at age 65 if I don't start saving until age 40?

+1 vote
asked Jun 12, 2012 in Retirement by anonymous
retagged Jun 13, 2012 by losmurfs
   

2 Answers

+2 votes
If you look at compound interest there is a possibility to be able to retire by age 65 if you start saving at 40, however you will have to put a much larger amount in each month. If you start in your twenties then you can start saving without having to put a large amount in each month and you can eventually save more money over the longer period of time.
answered Jul 30, 2012 by anonymous
+6 votes
You set the personal standards to living comfortably now so at retirement you may continue or change your lifestyle, with experience dictating the cost of living fluctuates. Financial matters must be taken seriously now while health allows you to work and save or invest. The average person should be realistic to plan for their comfortable future at any age.
answered Jun 20, 2013 by anonymous

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