Thursday, April 23, 2009
Walletpop says biggest "retirement" deadly sin is not starting early enough
AOL offers a walletpop article this morning “10 Deadly Sins of Retirement” here. You have to navigate through some panels and see each “sin”.
The most important point is the first: not starting soon enough, light right when you start working. Another is passing up free money in 401K matches (not all companies offer them any more). But the most interesting appears toward the end: retiring too early. True, social security retirement payments are less if you start them at 62 (the break even point seems to be living to about age 77), and so may be some pensions. The article offers the direct link to Social Security. But companies have forced older, higher-paid employees out and into make-shift second careers for years.
Of course, how many recent grads with heavy student loan debts feel like disciplining themselves further with retirement planning at 22. But they need to.