AARP’s “Nickel Builder” strategy may be one of the best saving money strategies around. It’s simple and effective, and that is often the key to momentum.
The headlines constantly scream that you’re not saving enough money for retirement. But sometimes you don’t get workable suggestions on ways to make steady progress toward savings goals. Instead, the onslaught of financial information can be paralyzing.
So, how do we get off the “dime” (pun intended)? Well, I never could accept the fact that a small start could result in a big finish. Maybe you’re that way.
Or, I would always rationalize that I would make it “big” in time — no need for saving money strategies now. Have you been there? And now you’re 55, and that ship hasn’t come in yet. Panic time.
That’s life for many of us: no plan and plenty of pain later. But there’s hope . . . even at age 55.
This won’t make you a millionaire if you start at 55, but you might be blowing more than $18.25 a day on booze or even Starbucks. Think about it! Would an extra $122,855 come in handy when you retire at 75 by starting out with a nickel today at 55? Well, here’s how you can do that if you can get 5.5% interest:
Here’s how it works: You start by saving a nickel the first day, ten cents the next, and keep adding five more cents each day for an entire year. You never have to save more than $18.25 on a single day. At day 365, you end up with $3,339.75.
For many, the plan (http://bit.ly/2sPF456) is doable and practical. And it may help you banish those fears about cat food dinners during your senior years.
Here’s my plan for you:
If you want to see the details of this plan, download my spreadsheet here.