You'll miss out on years of ‘free money' if you wait until this age to start saving for retirement

Oct. 11, 2024 - NBC New York

If you don't start setting aside money for retirement by the time you turn 40, you may need to rethink your long-term plan. In your 20s, your finances may be stretched too thin to comfortably set aside a lot of money for retirement, Lester says.

DON'T MISS: The ultimate guide to negotiating a higher salaryWhen you begin setting aside money for retirement early, your money has more time to grow through the power of compound interest. "If you wait until you're 40 to start, you've missed out on about two decades of your money compounding," Lester says.

Ultimately, setting aside even a small amount of money for retirement early on can benefit you two-fold...