Saving earlier for retirement

Related Story

COLUMBIA - National Save For Retirement week began Sunday with several financial agencies emphasizing the need to save earlier to counter several discouraging trends.

Americans are working longer than they ever have before due in large part to an alarming lack of savings at an early age.

Over fifty percent of U.S. citizens ages 18 to 29 have no retirement savings according to a recent Federal Reserve report.

Lincoln Financial Advisors in Columbia are one of several Missouri financial advising institutes that said saving early has huge benefits.

Proscrastinating putting money away just five years can cost you hundreds, if not, thousands of dollars according to advisors.

The average American retires three years later than they did in 2010 according to a Gallup poll. Advisors said a main reason people are retiring later is due to an increasing life expectancy in the U.S.

Two young adults living in Columbia said they had heard many times of the benefits of saving early in life, but one recent college graduate said saving now was more challenging than ever.

"Absolutely, it's harder to save now, the price that we give people for average labor and minimum wage has not risen at the same rate as inflation, education costs are so much higher that students are graduating with crippling debt in a way that is beyond anything our parents or grandparents had to worry about," said Peter Legrand.

News