You’ve gotten that diploma and landed a job – maybe even your dream job. Now that your career has officially begun, it’s time to think about how it will end.
Even though the ink is barely dry on your new business cards, you need to focus on retirement – specifically, on the need to save for it either through the workplace or on your own. Retirement is decades away but your new best friend, compound interest, is here right now.
Some financial experts say you need $1 million or more for your old age. The median starting salary for the class of 2014 was $45,478, according to the National Association of Colleges and Employers.
Your mileage may vary, of course. If you majored in something like early childhood education, music or communications your paycheck is more likely to be in the $31,500 to $39,800 range. Or maybe you haven’t landed the right job just yet and are making do with retail or other gigs.
Scary, huh? But you have a secret weapon: Time.