Early and consistent savers win retirement race: younger workers have 'time on their side'.
Author | Shipley, Rod |
Position | FINANCIAL SERVICES |
As parents, we may tell our children that the fastest way to finish a difficult homework assignment is to sit down at the kitchen table, start with that first problem and move on from there. They may not like this solution very much, but a few minutes later, the assignment is done.
We can apply that same approach to saving for retirement. Young employees might view putting aside money for retirement as something that's too difficult. It's something they believe can be done later, since the retirement date is so far away.
But just the opposite is true. Simply enrolling in a retirement plan at a young age and having those payroll deductions accrue in a pre-tax savings account is a solid strategy for starting down the path of saving for retirement.
Results from our latest Wells Fargo Retirement Study show the difference this approach can make. Workers ages fifty-five to fifty-nine who began contributing to a retirement plan at an average age of thirty-one had amassed a median of $150,000 toward their goal of $500,000. That's three times as much as what workers in their sixties or older had saved, who started saving at an average age of thirty-seven.
This data reinforces that younger workers who have "time on their side" should make the most of their retirement savings advantage.
Workforce Plans
Many companies we work with, recognizing the impact of savings over time, have added an automatic enrollment feature to workplace plans. New employees are automatically in the plan at a starting percentage, unless they opt out. It's one of many strategies that can pay dividends for generations of workers saving for retirement in a 401(k) plan or equivalent.
Consistent savers in our study shared they had a healthier outlook: 71 percent believe they will have enough saved for a comfortable retirement and only 28 percent plan to heavily rely on Social Security.
People without a workplace savings plan can still be...
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