There’s no such thing as too much retirement savings
“Life is good. Retirement is better, if you are prepared.” There are many costly things you have to factor in during retirement, such as healthcare, longevity, market volatility, and inflation. “Even if you think you’re saving enough and have assets, it still may not be enough. The earlier you start saving and investing, the longer compound interest can work its magic to help you achieve a successful retirement,” says Lynn Toomey, co-founder of Your Retirement Advisor.
Being frugal will not necessarily make you rich
If you succeed in spending less on things you don’t really need and save more money in the process, good for you. But don’t become a cheapskate and most of all, don’t avoid investments.”Pretend there are two islands,” advises Aliche. “Financially Stuck Island and Wealthy Island.” According to Aliche, think of your savings as a car—you can’t use it to leave Financially Stuck Island without a bridge. Investments are the bridge you need to get to financial success. “To get from one island to another, you need to get in your savings car and drive it over your investment bridge.”
