Delaying your retirement savings will cost you dearly. That’s the main takeaway from a comprehensive new survey released by Wells Fargo about retirement. ‘The survey found those ages 55-59 had saved a median amount of $150,000 and started saving at age 31,’ said Joe Ready, head of institutional retirement and trust at Wells Fargo. ‘Those over age 60 had saved only $50,000 and started saving at age 37, so those six years makes a really big difference.’ A difference worth $100,000 in this case. That’s why Ready suggests saving as soon as possible – ideally starting from your first day of your professional career. ‘Those folks who save from the first day on the job fared much better than those who didn’t, at a rate of 2.5 times more in terms of overall savings amount.’ MainStreet’s Scott Gamm speaks with Ready in New York in honor of National Save for Retirement Week.
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