Biggest Retirement Mistakes

Mistake #1: Starting to Save Too Late

The math is brutal. If you start saving at 25 and contribute $10,000 annually for 40 years at 6% returns, you accumulate roughly $1.5 million. Start at 35 and contribute the same amount? You get $650,000—less than half. The 10-year delay costs you $850,000.

This is the power of compound growth, and it only works when you have time. If you're 50 and just waking up to retirement, your window is shrinking. You can't "catch up" with a few extra years of saving; the math doesn't work. This is why starting, even modestly, at 25 or 30 is so crucial.

The cost of delay grows exponentially. Starting five years late might cost you $200,000. Starting 15 years late might cost you $600,000. If you're in this situation, you have limited options: work longer (each extra year of work delays retirement and adds one more year of compound growth), save more aggressively, or retire on less. All hurt. The prevention is simple: start now, no matter your age.