Explain the three most common pitfalls in retirement planning.

Starting too late. How much more will you accumulate if you start saving $$2,000$ per year at age $25$ and earning $6\%$ than if you start saving $$4,000$ per year at age $40$ and earning $6\%?$ Round your answer to the nearest dollar.

$

Putting away too little.

To have a good retirement, you are encouraged to save at least

$-$Select$-$

percent of your pretax income.

Investing too conservatively.

For the long$-$term accumulation of capital, it's better to choose an investment program

$-$Select$-$

$.$