Would you like to have $1 million saved for retirement? Start saving now! For every year you put it off, you pay the high cost of waiting.
If you start saving $95 each month at age 20, you could have one million dollars at age 65. But, if you wait until age 30 to start, you’ll have to put away $263 each month.
Wait 10 more years and start at age 40, you’ll have to save $754 each month. Get started at age 50, and you’ll have to save $2,413 each month. That’s 25 times more per month than if you’d started at age 20 – ouch!
Because of the power of compound interest, the sooner you start to save, the less you’ll have to put away to meet your goal. Don’t pay the high cost of waiting – start saving for retirement today!
Learn more financial concepts at How Money Works.
This is a hypothetical and does not represent an actual investment. Assumes annual end-of-year contributions, with a 10% nominal rate of return, compounded monthly. This example uses a constant rate of return, unlike actual investments which will fluctuate in value. It does not include fees and taxes, which would lower results.
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