Saving for retirement is one of the best financial decisions you can make. When you start saving affects how much you should set aside monthly and how much is available at retirement. The sooner you start saving, the more growth potential your savings will have.
For example, assume a current long term market return of 7% and a retirement age of 67. If you were to save $250/month from ages 24 to 34, you’ll have more at retirement than if you were to save $303/month from age 35 to retirement or $534/month from 42 to retirement. Remember, “the sooner, the better”.
To find out how much you should save or the type of accounts available to you, see us today.