Smart retirement planning boils down to a few simple truths.
- Time is on your side. The earlier you start saving money, the more time you give compounding to work for you.
- Take risks when you're young. Although stocks are three times more volatile than government bonds, it earns nearly twice the average annual return.
- Don't pay high fees for fancy accounts. Every dollar paid to a fund manager is a dollar that can't compound. Index funds charge a fraction of an equity mutual fund because they don't hire high-priced investment managers to pick stocks.
- It's not about retirement. Saving for retirement might be the goal, but following these steps could provide general financial security.
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