Saving money is not getting any easier.
The world is full of ever-complicated financial models and investment methods. Making sense of it all can be a daunting tasks.
Carrie Schwab-Pomerantz, President of Charles Schwab Foundation SVP of Charles Schwab and Co., Inc., recognizes this and has made an effort to educate all ages.
“It’s time to crunch numbers and face reality,” she said. “Learn to live below your means and focus on saving.”
Schwab addressed a standing-room-only crowd April 8 at Goizueta, sharing details of her new book: The Charles Schwab Guide to Finances After Fifty: Answers to Your Most Important Money Questions.
She spearheaded two nationally-recognized financial education programs in collaboration with the Boys & Girls Clubs of America and the AARP Foundation. In 2010, she was appointed by President Obama to the President’s Advisory Council on Financial Capability and served as chair of the council’s Partnership Committee until early 2013.
Schwab said men and women should start saving 10 percent of their income for retirement. Waiting until age 30 can increase that to 20 percent just to “catch up.” Wait until age 40, that’s 30 percent, and so on.
“The sooner you start, the easier it is and it won’t infringe as much on your lifestyle if you start early,” she said.