Blog

A Step By Step Guide To Saving In Your 20s

As Stuart Ritter instructed new T. Rowe Price hires on the retirement savings options available to them, a woman in the back of the room at a recent orientation started pounding on the table in front of her. The 53 year-old told her mostly 20-something colleagues that after she graduated from college she figured saving for retirement would be easier once she paid off her student debt. Then she fell in love, so she saved for a wedding. Then for a house, some kids and college for those kids. Easier never came and 30-years after college graduation she doesn’t have any money saved for retirement. Her message: Don’t let this happen to you.

“There will always be competing demands for you money,” says Ritter, vice president of T. Rowe Price Investment Services. “There will always be more things you want to buy than money to buy them with. So the sooner you get past ‘O, but, I don’t have much money’ the better off you’ll be.” […]