Why Do Adults in Arizona Wish They’d Started Investing Sooner?

If you plan right, the seeds you plant in your twenties and thirties can grow rich rewards in your sixties and seventies.

Financial experts advise us to start investing early. The irony is that in those early adult years, unless you're lucky enough to have a trust fund or the support of a rich uncle, most of us are doing everything we can just to pay for our current lives.

Retirement is a distant mirage. The idea of trying to squeeze extra money from our monthly budget is somewhere between difficult and nearly impossible.

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Why Adults in Arizona Don't Start Investing Earlier

As the years progress, it's normal for Arizona adults to look at their financial journey and sigh. It's a common regret: not starting to invest earlier. We know Social Security will barely cover our retirement costs, so why do so many of us put off putting money away?

Saving isn't easy, especially these days. Here are some reasons we put off investing:

• Financial Insecurity
• Lack of knowledge on how to invest
• Competing priorities like student loans and family expenses
• Rising costs of housing, goods, and services

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Can You Start Investing for Retirement Late?

If you didn't start investing when you graduated from high school or college, all is not lost. There's no time like the present to get started, and here are some simple tips to consider:

• Increase your savings rate.
• Take advantage of employer-sponsored 401(k) plans with matching contributions.
• Consider investing in tax-advantaged accounts like IRAs.
• Consulting a financial advisor who can also provide strategies tailored to your situation to close the gap.

How Many Arizona Adults Put Off Investing in Retirement

If you haven't started putting money and investments away for retirement, you're not alone. Arizona aligns with the national average. Most adults begin in their late 20s or early 30s.

If you have the means, don't put it off. Waiting can create a significant long-term financial impact and affect your financial growth with the power of compound interest.

Here's what this means: If you start at around age 25 versus age 35, it could lead to potentially hundreds of thousands more in retirement savings, as long as you make consistent contributions over that time period.

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How Much Money Do You Need to Retire in Arizona?

It all depends on your lifestyle, but on average, experts say you need to have about $1 million to $1.5 million to retire. The cost of living is slightly lower than average in Arizona, so you might be able to get by on somewhat less.

It's never too late to start, so if you're not already saving for retirement, talk to an expert and get that started today!

Sources: PlansWell Planning Calculator | AZ Central