Waze cofounder shares his No. 1 piece of retirement advice

Waze cofounder Uri Levine said his No. 1 piece of retirement advice is to start planning for retirement earlier than you might think.Tasos Katopodis/Getty Images for Anti-Defamation LeagueWaze cofounder Uri Levine suggests starting to think about saving for retirement at age 18.He founded Pontera, a company that offers financial advisor software to help manage 401(k)s.Levine said many people don't start investing early enough.Despite building two companies that sold for at least $1 billion, Waze cofounder Uri Levine isn't a big spender, he says.While he invests his time and money in startups, he lives in a rental apartment and says he doesn't own a yacht."I don't need more money," Levine told Business Insider in an interview, adding that he has "a very simple life," and finds his work fulfilling.Levine is a big advocate for investing, though. In 2012, he cofounded Pontera, a company that develops financial advisor software to help manage 401(k)s."Retirement saving is a big problem," Levine said in an interview with Business Insider, adding that millions of Americans don't invest correctly.His No. 1 piece of retirement advice is simple: Start thinking about saving at 18."The nature of the beast is very simple," Levine said. "When you're young you don't care, and when you become older and you start to care, it might be too late."He said retirement will be significantly easier if individuals start putting aside money earlier."The compound effect of their return is the one that is going to make the difference," Levine said. Compounding interest is a financial concept that refers to when interest earns interest and accelerates the growth of investments and savings over time.Many older Americans seem to agree with this advice. In a recent survey of 4,500 retirees and interviews with more than 200 older Americans, BI's Noah Sheidlower found that most emphasized starting early to take advantage of compound interest. That said, the recommended amount of money you set aside for retirement can vary. For example, Fidelity advises saving 10 times your salary by 67, while T. Rowe Price recommends saving between 7.5 and 13.5 times your income by age 65. Financial practices like the 50/30/20 rule suggest allocating 50% of your income toward necessities, 30% toward discretionary spending, and 20% toward savings and debt repayment."The most important part? Don't overlook it," Levine said. "Start as early as you can and if you need, go and speak with financial advisor." Read the original article on Business Insider

Comments

Business News

Thousands of young people exploited to launder money – report

Evening Standard

Comments

Business News

Thousands of young people exploited to launder money – report

Musk's latest Grok chatbot searches for billionaire mogul's views before answering questions

Skydance reportedly in talks to buy Bari Weiss’ The Free Press — is CBS News role in her future?

Thousands of young people exploited to launder money – report

ALEX BRUMMER: Neglect of UK innovation happening before our eyes

Footsie slips from record high after tariff threats

RAY MASSEY: Car fans flock to Goodwood Festival of Speed

As M&S looks to challenge the big supermarkets, which shares should go in your trolley?

Louis Vuitton warning as hackers strike

After the economy shrinks again, summer rate cut 'looks inevitable'

A star-studded film about Sam Altman is coming. Vote here for your favorite business movie.

Justin Bieber's new album is excellent PR damage control. It's also his best music in years.

Preliminary report says fuel switches were cut off before Air India Boeing 787 crash

Prime Day — er, Days — tests deal hunters' will to spend amid tariffs

‘Dexter: Resurrection’ Release Schedule: When Do New Episodes Come Out?

European Trade Tensions Rise Ahead Of The July Summit In China

‘Big Brother’ Uptick: Night 1 Viewer Results Up By Double-Digits On CBS

The Air Force Needs The F-47 And The Navy Needs The F/A-XX

Sequoia’s Maguire Unfairly Targets Zohran Mamdani’s Father, Fellow Academic Says

Wimbledon: Carlos Alcaraz Vs. Jannik Sinner By The Numbers

What To Watch This Weekend: New Shows And Movies To Stream On Netflix, Hulu, Prime Video, Apple TV And More

Wimbledon: Carlos Alcaraz, Jannik Sinner By The Number

Has Arsenal’s Summer Transfer Business Made It Title Favorites?

What The War In Ukraine Reveals About The Future Of Space Warfare

‘I Try Hard To Highlight Humanity Amid War’: Trey Yingst, On Reporting For Fox News

Air India Plane Crash Report Says Fuel to Engines Was Cut Off

McDonald's worker arraigned in fatal stabbing of manager at Detroit-area restaurant

Walmart recalls 850K water bottles after 2 people suffer ‘permanent vision loss’ from explosive lids

Kraft Heinz considers breakup amid sluggish sales, changing consumer preferences: report

Reddit flooded with antisemitic conspiracy theories about attacks on Jews in US — despite hate speech ban: ADL report

Has the cash Isa been saved for good... or is a cut still coming? This is Money Podcast

Anthropic changes hiring policy after Business Insider reported it banned job applicants from using AI

Wealthy Italian neighbors used to compete by building tall towers. See inside one that's still standing after 600 years.

Swiss watch brands are raising prices, and it's driving buyers to the resale market

Apple is poised to win the rights to stream F1 racing in the US

Social Security is rerouting staff to man the phone lines &mdash; and hiding how long callers are waiting

Workers at Elon Musk's xAI erupt on Slack after Grok's antisemitic rant

Waze cofounder shares his No. 1 piece of retirement advice

Amazon's alliance with Anthropic is paying off handsomely for the tech giant's cloud business

Figure AI founder Brett Adcock says there will soon be as many humanoid robots as humans

‘Made In USA’ Brand Reputation Still Stands Strong In Global Markets

Wimbledon 2025: See Photos Of Celebrities At Week 2 Matches

Walker Deaths Drop, But Hit-And-Run Crashes And Other Dangers Remain

‘Superman’ Makes Huge $22.5 Million Debut—Can It Revive The DC Film Franchise?

Fly By Midnight Celebrate A Decade With Album, ‘Fastest Times Of Our Lives’

Mexican Soccer Team Sells For More Than $120 Million To American-Led Group

Anthony Elanga Signing Shows Eddie Howe Is King At Newcastle United

Texas Flooding Tragedy: State And Local Officials—And Partisan Politics—Face Blame For No Alarm Systems

Trump Has Flip-Flopped On Tariffs Over 25 Times Since April— Here's How Latest Pause Will Impact You

Regal Ware’s Production Arm SynergyOps Is Core To Its Strategic Plans

New Podcast ‘Easy Money: The Charles Ponzi Story’ Examines The Man Who Created The Scam

The F.C.C. Is Pressuring Companies to Drop D.E.I. It’s Succeeding, Too.

DuPont agrees to $27M settlement in water lawsuit

Unilever appoints new Ben & Jerry’s CEO as battle over board’s lefty politics heats up

Shoppers are souring on Lululemon — and chain is getting squeezed by rivals

The UK's stock market gems are going cheap: Gervais Williams on the INVESTING SHOW

Satellite images show damage at the US base Iran attacked with ballistic missiles &mdash; one of which hit it

I pay $395 a year for a credit card that I rarely use &mdash; but its benefits are worth way more than the fee

Nike, Walmart, Shein, and other major brands that say Trump's tariffs are pushing them to raise prices

AI coding tools made some experienced software engineers less productive in a recent study

Social Security is rerouting staff to man the phone lines — and hiding how long callers are waiting

Satellite images show damage at the US base Iran attacked with ballistic missiles — one of which hit it

I pay $395 a year for a credit card that I rarely use — but its benefits are worth way more than the fee