Youngsters, listen up!
Your elders have some words of wisdom that might make a huge difference in your future: Start saving for retirement now.
According to a nationwide Bankrate.com survey of 1,003 U.S. adults, 18 percent say the No. 1 financial regret they have is not saving for retirement early enough.
Our biggest financial regrets, according to Bankrate.com:
- Not saving for retirement early enough: 18 percent
- Not saving enough for emergencies: 13 percent
- Taking on too much student loan debt: 9 percent
- Taking on too much credit card debt: 9 percent
- Not saving enough for your children's education: 8 percent
- Buying more house than you could afford: 3 percent
- Something else: 15 percent
- None: 17 percent
- Don't know/refused to answer: 8 percent
When it comes to bemoaning how little we have accumulated for retirement, it is--not surprisingly--those who are in or near that stage of life who cry the loudest. Suddenly the plan to work until you drop dead is no longer viable.
Specifically, 27 percent of those 65 and older say it's their biggest regret, compared with about 17 percent of those in their 30s and 40s and 4 percent for those in their 20s.
--From the Editors at Netscape