The Cost of Delaying Saving for Retirement

“The eighth wonder of the world is compound interest.”

“The eighth wonder of the world is compound interest.”

Do you know whose quote that is?

It’s from Albert Einstein. And here is why: If you saved a $100 a month, the difference in what you would have at age 65 (assuming a hypothetical 5% rate of return, which will vary over time, particularly for long-term investments) if you started at age 20 would be more than double the amount if you started 15 years later. Eighth wonder, indeed.

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And what happens to those who depend on you if you die before you reach your goal? Have you considered life insurance as a way to provide a self-completing goal so your family will be taken care of financially?

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