5 Biggest Retirement Mistakes You Will Regret Forever

3. Not Saving Enough For Retirement

Compounding interest is an effective method to help grow savings for retirement. Every dollar saved can accumulate and continue to grow over time. The longer the money is invested, the more it benefits from compounding interest.

To take advantage of this strategy, savings should be prioritized, while spending, reduced. Most financial experts recommend allocating at least 10% to 15% of total income to retirement savings throughout one’s working life. By following this guideline, individuals can maximize the benefits of compounding interest and potentially achieve their retirement goals.