Golfer Teeing Off

*This week marks the  eighth annual National Save for Retirement Week (NS4RW), (October 19th – 25th). The week provides a great opportunity to reflect on your personal retirement goals and determine whether you’re on target to reach them.

According to an Ariel Investments retirement study, African-Americans are less likely to take advantage of employment-based retirement options and more likely to retire in poverty. You can avoid a financial unstable future by investing in your retirement. You can invest in your retirement through pensions, individual retirement accounts (IRAs), 401Ks, and 457 plans.

Pensions are disappearing. Social Security is not quite secure. And, too many of us are retiring in poverty.Throw every excuse out the window. Prevent poverty and start saving for life after work.

It boils down to two choices: Either you prepare for a comfortable retirement or struggle for the rest of your life. The choice is yours.

Maceo Sloan, chairman of NCM Capital, says the best time to save for retirement is, “the day you get income.”

Investing now helps you maximize the benefit of compound interest. Besides, investing now is cheaper than doing it later.

Let say a 20-year-old invests $2,000 (or $77 each bi-weekly paycheck) yearly for only ten years and then stops. They would earn more money than you, if you started at 30 and invested $2,000 a year until you retired.

At age 65, the 20-year-old would cash in on $985,364 versus your $596,254, assuming you both earned 10 percent. The 20-year-old has $389,110 more than you because she invested earlier. Over the course of ten years, that 20-year-old invested a total of $20,000 versus your $70,000 over 35 years. Yet, she retires with more money.

Are extra cell phone features, premium cable channels and eating out now, worth more than your future? If not, prove it to yourself by investing in assets that increase in value (i.e. stock, bonds, real estate, etc.)

Seems like you have 399,110 reasons to save for retirement. Don’t start now, start right now. You don’t have a minute to waste.
Zach Rinkins 0018ws
Zach Rinkins is the Associated Press award-winning host/producer of the Rinkins Report. Find out more at or on Twitter @RinkinsReport and Facebook @RinkinsReport