Time is your best friend when it comes to growing your retirement nest egg. Starting even just a few years earlier could double your money at retirement age! That's the power of compounding interest.
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The average person should start saving for retirement between the ages of 18 and 21, when basic education is complete and income is being generated. For many, that sounds too early. But when you consider the benefits of starting early, it's a no brainer. The earlier you start saving for retirement, the less you'll have to sacrifice during your working years and the more your nest egg will grow.
That's right — save less each year AND end up with more in the end. That's the beauty of starting early.
So now that you understand the time to start saving for retirement is now, let's get to it.
Use these savings and retirement calculators to help give you a better idea of how to save for your retirement.
How much will I need to save for retirement?Opens in New Window
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Compare Roth 401(k) and Traditional 401(k) retirement savings plans.Opens in New Window
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