When you're just starting out in the workforce, retirement seems like a million years away. Besides, you likely have student loans to pay off and maybe a car loan. And odds are, you aren't making a great salary in your first job, if you've even got a job following graduation.
Still, compounding is your ally in retirement savings, so the earlier you start saving, the better. When you begin retirement planning in your 20s and 30s, those dollars have years to grow and are potentially much more valuable than dollars you save in your 50s and 60s -- though any savings helps.
It's important to establish good savings habits when you're young, even though you're likely on a tight budget, says Joe Jennings, investment director for PNC Wealth Management in Baltimore.
1. Budget Carefully When Looking For Work
It's not really possible to start a retirement savings fund when you're going out on interviews and looking for a job. But there are ways to cultivate a low-spending mindset to prepare for saving for retirement once you do get a job. (more)
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