Early Retirement Dangers

The importance of saving for retirement from an early age rather than waiting until later in life to start ramping up your IRA or 401(k) contributions. You never know when your career might come to an end, and if you rely too heavily on being able to save in your late 50s or early-to-mid 60s, you'll risk coming up short financially.

When you put off retirement savings, you lose out on years of valuable investment growth in your IRA or 401(k) that can really boost your balance.

saving from a young age is a much safer bet. If you contribute steadily to a retirement plan over time, your finances won't take as nasty a hit if you're let go from a job and find yourself forced into unemployment -- and retirement -- much sooner than planned.

The older you are when you get laid off, the harder it becomes to find a replacement role.

Bottom Line – The sooner you start saving, the better off you will be in retirement. Don’t forget to build your emergency fund as well.

Dan