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THEY SAY: As of now, the general consensus is that college-educated salaries go up over time, as you gain more experience. Because of that, it becomes EASIER to contribute larger amounts to retirement as you make more money, LATER IN LIFE. PLUS, INFLATION also makes buying things more expensive over time – so, they say: the time to spend is while your income is LOW, enjoy things NOW while you’re healthy enough to enjoy them…and THEN, by 40 years old, saving for retirement will be EASIER, without cutting back, because you will already be in your peak earning years.
However, there are a few obvious assumptions:
First, they assume that Social Security will replace 33% of your income in retirement.
Ultimately, the only way for the social security fund to continue functioning is if more and more people contribute to it to pay off the previous people, who are now living longer and continue receiving payouts…but, that’s not happening. The social security fund is said to be underfunded, and current reserves could run out by 2031.
Second, they assume that your income will steadily increase over time – and this isn’t something that’s GUARANTEED.
Third, LIFE HAPPENS.
Nothing is guaranteed – including that we’ll actually be old enough to enjoy our money one day…but most likely, you will live through your 70s.
As for me, I think NOT SAVING for retirement throughout your 20’s is a HUGE mistake…simply because your 20’s are the EASIEST TIME for you to invest. If anything, I think NOT INVESTING before 40 will make you WAY more miserable…than investing too much BEFORE 40…and that’s something a chart won’t be able to calculate.
That’s why, I see the BEST, EASIEST SOLUTION to all of this is just this simple: save and invest as early as possible, and prioritize this as a necessary budget. If there’s anything left over that’s above the amount you budgeted for, consider using THAT amount for your “fun money.” BUT, just like you wouldn’t skip your rent payment so you can got o Coachella…you shouldn’t skip a Roth RA contribution because you want to buy something else instead.
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