It’s never too late to start saving for retirement, expert says
Jul 21, 2023, 3:00 PM
SALT LAKE CITY — Only half of Americans say they are planning on retirement, according to an Axios poll.
Rebecca Robinson, director of wealth management for Zions Bancorp, said it’s never too early to start saving for retirement, no matter how little.
“I think one of the things that I encourage is wherever you are, you need to start where you are,” she said. “If you’re younger, saving even very small amounts of money can make a really big difference over time.”
She said the longer someone can put off drawing on their Social Security or pension plans can also help.
Robinson said it seems overwhelming for many to think about their plans.
“Retirement, in totality, seems like this insurmountable task. You hear really large numbers, if you don’t have X-dollars you can’t retire,” she said. “And I think people get the sense that if they can’t put away a lot of money, that it’s sort of a lost cause.”
She said many companies offer programs to help with savings.
“If you have a profit-sharing plan, that means your employer is actually putting away retirement funds on your behalf. Also, if your employer matches in a 401k, they will match up to a percentage of what you put in.”
- Utah’s job growth ‘holding steady,’ wages rising
- Experts suggest increasing savings to prepare for retirement
- Eyeing retirement: How much money is enough after you leave a job?