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5. Leaving Retirement Contributions Out of the Budget
When you’re putting together your monthly budget, make space for your retirement contributions so you can stay on track with your goals.
“Build a budget and stick to it,” said Thomas. “Most people are spending more time planning their vacations than their retirement.”
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6. Starting to Save Too Late
Make compound interest work in your favor by contributing to your retirement fund as early as possible. Each dollar you contribute at the age of 20 is the equivalent of earning $5.84 by retirement at age 65, according to Vanguard. Each dollar you stow away at age 45, however, will only be worth $2.19 by retirement.