Start Saving for Retirement Early
Start Saving Now
Start saving as early as possible. The earlier you start, the longer your money can work for you. For example, a 20 year old who saves $200 a month until age 65 and earns 6% on their savings annually would have accumulated around $550,000. But a 40 year old contributing the same amount each month at the same 6% would have accumulated $138,600 by age 65.
| Examples of saving $200/month to age 65 at different ages and returns | ||||||
|---|---|---|---|---|---|---|
| Start at age 20 | Start at age 30 | Start at age 40 | Start at age 50 | |||
| 2% | $174,931 | $121,510 | $77,764 | $41,943 | ||
| 4% | $301,894 | $182,746 | $102,826 | $49,218 | ||
| 6% | $551,199 | $284,942 | $138,599 | $58,164 | ||
| 8% | $1,054,908 | $458,776 | $190,205 | $69,208 | ||
(This is a hypothetical example and is not intended to reflect the actual performance of any specific investment. Earnings are pretax, and may be subject to income tax when distributed.)
Pay Yourself First
Try to get in the habit of setting aside 10% of every paycheck that comes in. If you do make this a habit it will become easy over time.
Give Us A Call
Feel free to call us and we would be glad to help you to begin building your investment portfolio.