Are You Saving Enough for Retirement?

Saving and investing are difficult in the face of so many necessities and wants. But investing just a few extra percentage points of your income every year can drastically change your financial life. [Shield] AN OXFORD CLUB PUBLICATION [Wealthy Retirement]( [View in browser]( SPONSORED [FREE Wealth Protection Kit]( [Wealth Protection Kit]( If you want to learn more about protecting your retirement savings in this time of financial uncertainty, request your [FREE Wealth Protection Kit]( now. [PLUS get $10,000 or More in FREE Silver.]( [RETIREMENT PLANNING]( [Are You Saving Enough for Retirement?]( [Marc Lichtenfeld, Chief Income Strategist, The Oxford Club]( [Marc Lichtenfeld]( My son, after graduating from college in May, will start his first job in a few weeks. We were talking about his benefits, and, being my son, he volunteered, "Of course, I'll contribute to the 401(k)." When I asked him what percentage of his paycheck he planned to contribute, he told me he would maximize the company's match, which was in the mid-single digits. Solid choice. I countered, "Can you afford 10%?" His brow furrowed at the prospect of more of his spending money being locked up for the next 35 or 40 years. I ran the numbers. Assuming he earned 8% per year on the money, if he increased the contribution to 10% just for the next year, he'd have an additional $93,000 in 40 years. If he maintained the same 10% contribution each year, never increasing it, the difference would be $1.4 million. Hopefully, he'll get a few raises between now and 2062. If he does, the difference will be even larger. My son understands the power of compounding and even started reading my book [Get Rich with Dividends](. Yet even this well-educated kid (he's not really a kid anymore, but he'll always be my kid) - who's the son of someone who constantly professes the power of compounding - hesitated when faced with the real-life decision of saving more versus having funds available. SPONSORED [Shocking Free-for-All as Mass Looters Steal Cigarettes and Lottery Tickets]( [Looters]( Target saw $400 MILLION in mass theft losses last year. Rite Aid stock dropped 86% due to major shoplifting losses. Mass looting events are CRUSHING retail stocks. But this is just one symptom of a "woke disease" that is destroying our economy. [Watch one stock legend take down the entire woke narrative right here.]( It's hard. Life is expensive. Insurance, utilities, phones, rent or a mortgage, groceries, gas and transportation... These days, there's a lot less left over after you pay the bills. Then, if you actually want to go out to dinner once in a while with some friends or see a show, there's not much left over for savings. I get it. But by making some sacrifices today, you (and my son) will be in much better shape several years from now. Adjusted for inflation, I was making less than half of what he'll make when I was his age. Yet, also adjusted for inflation, my rent was the same. It was a big struggle that involved many dinners of homemade spaghetti with butter and salt, but I managed to contribute the maximum to my IRA back then. And despite making many questionable choices in my early 20s, I frequently thank the 22-year-old me for those sound financial decisions that helped set me up for where I am today. Saving and investing are difficult in the face of so many necessities and wants. But investing just a few extra percentage points of your income every year can drastically change your financial life. And that's still true whether you have 40 years or four years to save. In the history of the world, I don't think there's ever been someone who's said, "I wish I'd saved less." My son hasn't filled out his paperwork yet, so I'm not sure what he's going to decide. But maybe if he finishes Get Rich with Dividends and sees just how big of a difference every dollar invested makes, he'll make the right choice. Be sure to teach your kids and grandkids the power of saving and compounding so that they're in good shape when they get older. Giving them that gift will be the one that keeps on giving for the rest of their lives. Good investing, Marc P.S. What's the best financial advice you received as a young person? Please share your thoughts in the comments [here](. [Leave a Comment]( [Investment U Conference 2024 at the Ojai Valley Inn & Spa in Ojai, California. 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But investing just a few extra percentage points of your income every year can drastically change your financial life.%0D%0A%0D [Email Share](mailto:?subject=A%20great%20piece%20from%20Wealthy%20Retirement...&body=From%20Wealthy%20Retirement:%0D%0A%0D%0ASaving and investing are difficult in the face of so many necessities and wants. But investing just a few extra percentage points of your income every year can drastically change your financial life.%0D%0A%0D [Push Alert]( [Push Alert]( SPONSORED [Financial Insider Reveals How Big Banks Robbed Americans of $603 BILLION]( [Bank Robber]( Here's how to turn the tables and FORCE them to pay you up to 255 times more income on your savings. [Learn this nine-digit "Magic Code" right here.]( [The Oxford Club]( You are receiving this email because you subscribed to Wealthy Retirement. Wealthy Retirement is published by The Oxford Club. Questions? Check out our [FAQs](. Trying to reach us? 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