Does The Early Bird Obtain The Worm

Social Security is an important resource of retirement earnings for lots of people, but it’s not always enough to keep you above water. The average American household can expect to live 22 years after retiring, and according to the Social Security Administration, the average monthly benefit from Social Security is $1,238. That figure is higher than the 2013 median income for a working-age family ( $51,017 ) but lower than what most retirees actually need to live comfortably. The Center for Retirement Research at Boston College has estimated that in order to maintain their current standard of living before retirement, a couple would need about $70,000 per year in income.

In addition to Social Security, many people also have a 401(k) plan through work or an IRA they’ve accumulated on their own. This is where the question of whether the early bird gets the worm comes into play—if you start saving sooner rather than later in your career, will it be worth more by the time you retire? Empirical studies have been done that normally get to the very same verdict: yes. The difference between beginning to save at 30 and waiting until 40 is about $300,000 over time, which means about $4,000 per year at a 3% growth rate

If you are one of the many people who have been racking their brains over a very simple question, then you’ve come to the right place. The question is: Does the early bird really get the worm? It doesn’t seem like such a difficult question, especially for someone who has seen it in print and heard it said so many times. So why does this adage become so hard to believe when we see otherwise?

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