The High Cost of Procrastination

The High Cost of Procrastination

Habitually putting things off might actually cost you money.

Habitually putting things off might actually cost you money? Consider the potential impact delays can have on your future. Wait to start saving for retirement and you could face a hefty price tag.

The 40 year old who wants to save $1 million by age 65 has to start putting away more than $1,000 a month. But a 20-year-old needs to save only $190 a month.*

Likewise, if you put off doing your taxes until April 14, you'll delay receiving any refund owed to you, money you could put to work promptly in an IRA. Many mistakenly consider the tax return as anticipated income, and use it for a vacation.

So how does one start to make a change? Take some baby steps. Each day or two, do something that increases your understanding about a change you might make. You can use free tools from many websites to help you with some of these things.

Identify shortfalls in retirement savings

Try out scenarios that show how increasing your contributions can affect your retirement

* This example is for illustrative purposes only. Assumes an 8% return on hypothetical investment.