The Cost of Procrastination
Procrastination can be costly. When you get a late start, it may be difficult to make up for lost time.
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Maybe your middle schooler is already hip to saving. Many kids this age do chores and earn allowances, perhaps putting part of what they earn into a savings account for college....
401(k) savings are taxed as ordinary income when funds are withdrawn.
Some people wonder if Social Security will remain financially sound enough to pay the benefits they are owed.