The thought of entering retirement age without a dime in savings is not encouraging for young people who don’t know how to kick start their retirement savings. According to a 2015 report by the U.S. Government Accountability Office, nearly half of households age 55 and older do not have retirement savings (i.e., no 401(k) or IRA). Don’t become one of these people.
Understandably, the idea of retirement sounds overwhelming and farsighted for younger generations. Where do you start? How should you save and when should you do it?
Without answers to these questions, inaction is often the result. So, to give you an idea of how you should embark on your retirement savings journey, here’s a handy infographic that shows what steps you should do from your 20s until the day that you retire: