A common regret among baby boomers is not saving more for retirement, with 37% of them citing this as their biggest financial regret, according to Bankrate's 2024 Financial Regrets survey.
Younger generations can learn from baby boomers’ financial successes and mistakes; specifically, starting to save early can significantly increase retirement savings thanks to compound interest.
For example, if someone starts saving $100 a month at age 25, they could potentially end up with around $95,921 by age 65, illustrating the power of saving early.
In contrast, if saving is delayed until age 35, the same contributions would yield around $37,827 by age 65, proving that starting early makes a huge difference.
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