Procrastinators generally feel as if everything is under control. They always have plenty of time, and are confident in their ability to pull a task together at the last minute. That may work for a college term paper or filing your taxes on April 15th; however, it can be a costly approach to funding your retirement. Procrastination will limit your choices and force you to set aside more money each month to make up for lost time.

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Don't Make This Mistake!

Whatever your age, now is the right time to save for retirement; however, there is an advantage to starting early. Someone in their 20s or 30s can make smaller contributions and still realize significant growth. Those who wait until their 40s or 50s will need to put aside more money, and may potentially need to adjust their lifestyle or retirement goals as a result. The illustration below shows you the cost of procrastination.

The hypotetical illustrations are intended to demonstrate compounding at various rates and are not intended to illustrate the performance of any actual program. The hypothetical illustrations show a constant rate of return, whereas actual rates of return may fluctuate. Account values were obtained by using a nominal rate of return compounded monthly. Contributions are made at the beginning of the period.