I’m pretty sure that I resolved several years ago to stop making New Year’s resolutions. My track record at sticking to resolutions was abysmal.
Actually, I’ve done pretty well at hitting savings goals over the years, because I don’t rely on willpower. I use automatic savings—through my 401(k) at work and through preset automatic transfers from checking into investment accounts. These mechanisms are artificial willpower—a painless way to stiffen my backbone.
The current economic recovery is weak, but that’s hardly news. There are many explanations for this meager improvement, but perhaps one of the most telling is a large jump in personal savings in the United States.
Here’s the good news: Half of Americans are “on track” financially for retirement.
The bad news? The other half aren’t. Read more »
Ask a Vanguard investor about what it takes to be successful at saving for retirement, and he or she would probably tell you to start saving early, save as much as you can, invest in a low-cost diversified portfolio, and stick with your plan through thick and thin.
In June 1997, Chicago Tribune writer Mary Schmich penned a now-famous column titled “Advice, like youth, probably just wasted on the young.” In short, the column served as the speech that Ms. Schmich would give if she were asked to make a commencement address. The following year, the column went viral, if you will, in the form of the music single “Everybody’s Free (To Wear Sunscreen).”
