Mike Dawson, 54, a lobsterman in Maine, started saving for retirement in his mid-to-late 20s with an individual retirement account. In good years, he puts aside additional savings separately to supplement the amount he can sock away each year in an IRA.
“I save better than I invest,” said Dawson, who learned the discipline of saving for retirement from his father, who was also self-employed.
Dawson figures he has about 10 more years until retirement—when his body wears out from the rigors of lobster fishing and when his pool of retirement savings and investments will be enough.
“You have to be somewhat disciplined doing it on your own,” Dawson said. “I grew up that way. I’ve taught my kids to save early. You just have to start early and you’ll have so much more than if you start at 45 and hope to retire ever. You’ll be a lot better off starting young.”
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