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Cost of Procrastination

Retirement is one area where procrastination can be particularly dangerous to your financial future. Procrastination costs money. It doesn’t pay to put off financial plans. Start taking concrete steps towards your financial goals.

If you had decided to invest $10,000 at 8 percent 10 years ago, and another person waited 10 years and then invested the same amount- $10,000 at the same 8 percent, the results are dramatically huge 10 years later.

Person A- Started 10 years ago: Investment is worth $21,589.
Person B- Waited 10 years: Investment is worth $10,000.
The difference is a whopping $11,589.

A general guideline is that 75% of your retirement income will probably need to come from you and your own planning efforts, and only 25% will come from social security.

Don’t put off preparing for your retirement. It could literally cost you a fortune.

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