You don't have to work your whole life. Start saving now for retirement. Even if you haven't started yet, you can still set your eyes on the prize.
Aug 01, 2008
By dvm360.com staff
You probably dream of the day you walk out of your practice for the last time and sail off into the sunset to enjoy your retirement. But one question jars you awake from this fantasy: Are you saving enough money? According to the 2008 Veterinary Economics Business Issues Study, 7 percent of you say you can't afford to retire—period. And 50 percent of you don't know how much money you need to save for retirement in order to sustain your standard of living.
How much have you saved?
Of course, starting to build your nest egg when you're young gives you a financial advantage in the long run. "I've never met anyone who regretted beginning to save at a young age," says Fritz Wood, CPA, CFP, a veterinary financial consultant in Lake Quivira, Kan. "And I've never met anyone who didn't wish they would've started saving a decade earlier."
How your retirement savings stacks up
But what if you're getting a late start? The worst thing you can do is think, "Oh well, guess I missed the boat" and continue to do nothing. Ditch any doom-and-gloom feelings and start today. You can build up your savings at any age—you'll just have to be a lot more strategic about it if you're starting later in life. The good news is that, according to our data, 82 percent of you are regularly contributing to a retirement fund, with most of you choosing to put your money into an IRA. And that's smart, no matter how old you are and where you are in your career.