A good question from Rodney Brooks, USA TODAY.
Here is an excerpt:
Roger Crandall, MassMutual CEO:
The best retirement advice I can think of came from none other than Albert Einstein. He called compound interest the most powerful force in the universe. Starting early and reinvesting what you earn on your investments is the single best thing you can do. Sit down and look at what happens when you compound interest for 30, 40 or 50 years. If people start young, no matter how small, and keep it up until they retire, the rest will take care of itself.
Personally, my best advice came from a children’s storybook, The Tortoise and the Hare, and while I may not have put this together with money as a kid, the older I got, the more it made sense.
My parents were pretty frugal, having 5 kids to feed, clothe, and educate, and though we didn’t have the name brand items, we always had food on the table and decent clothes on our back. As I think back to those times, we never had a new car, but we had braces on our teeth; no airplane trips, but lot’s of camping; no vacations in the islands, but we all had the opportunity to go to college. So they had a good idea of what was important and invested their money in those things.
In the later years, mom and dad were able to travel abroad and everything was paid for, so I think they did it right.
So, I ask you the same question: what’s the best retirement advice you ever got?
Please share with us your experiences and advice you would give, knowing what you know now.
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