Planning for retirement can be achieved by almost everyone with the right investment strategy and good professional advice. For most people, retirement investing means stashing away money into a mutual fund. But with over 6000 mutual funds to choose from, the information overload causes many people to make the worst decision about retirement planning.

Consider this:

If you are 25 years old today and decide to put away $504 per month for the next 34½ years; assuming a conservative pre-tax rate of 8% per year compounded annually, at age 59½ you will have $1 million before taxes. But say you decide to wait another 5 years before you started saving, you will need to save $768 per month. The table below shows why it does not pay to wait!

To save $1 million by age 59½