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You’ve probably heard a thousand times that it’s never too early to begin saving for retirement. And while that’s sound financial advice, you might feel less than enthusiastic about setting aside money for later. After all, depending on your age, retirement could be decades in the future.

The thing is, those decades are exactly why you should start saving as soon as possible! Here’s why.

1. You have a better chance of realizing retirement on your own terms.

A recent survey shows that people who start saving for retirement in their 20s are 66% more likely to retire before age 60compared to those that begin saving in their 30s. The fact is, as you age, your health can change. If you develop health issues later in life and are unable to work, wouldn’t you prefer the choice to retire on your own terms without suffering financial hardship?

  2. You can take advantage of having fewer financial obligations.

The argument is that younger people save less because they typically earn less. In many instances that may be true; however, younger generations might also have fewer financial obligations. Your ability to put away even a small portion of your paycheck might be easier today, before things like a growing family and mortgages come into the picture.

Not sure how to start saving? Try using the 50/20/30 rule that divides your monthly budget into three categories of expenses:

• 50 percent for essentials (housing, food, monthly financial obligations)
• 20 percent for savings (financial priorities such as building an emergency fund and saving for retirement)
• 30 percent for personal expense s (entertainment, your morning latte).

3. The magic that is compound interest.

One of the great things about saving early and often is the benefit of compound interest. The concept is simple; the money you save earns interest and, in time, your interest earns interest . As your deposits and interest begin to add up over time, it can quickly take on a “snowball effect” allowing your money to work harder and grow faster.

But don’t take our word for it. Try using a compound interest calculator and see for yourself how much you can save over time. You’ll be pleasantly surprised to see how much even saving a small amount compounded each month can add up!

The time to take charge of your financial future is today. The sooner you start saving, the less you’ll have to make up for later in life to end up with the amount you need to retire, and the sooner you’ll be able to call working an option instead of a necessity.

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Sagicor Life Insurance Company issues life insurance and annuity products. Policies and riders are not available in all states and state variations may apply. Products have limitations and restrictions including surrender charges, contact Sagicor or a Sagicor agent.

Sagicor does not provide estate planning, legal or tax advice. We suggest you consult an attorney, accountant, or tax advisor.

Sagicor is rated “A-” (Excellent) by A.M. Best Company (4th best out of 16 possible ratings). This rating is based on Sagicor’s financial strength and ability to meet its ongoing obligations.

Sagicor Life Insurance Company (Home Office: Scottsdale, Arizona).