If your goal is to save $500,000 for retirement at age 67, look at the difference time makes:

Monthly Savings Required

Begin at                  Save                   Cost to Wait

Age 25                    $89

Age 35                    $224                   More than 2 times more

Age 45                    $602                   Nearly 7 times more

Age 55                    $1,926                More than 21 times more

The sooner you begin to save/invest, the greater the growth on your investment

The high cost of waiting 

$100/month at 9%

Begin saving at:                  Total at age 67:                    Cost to wait

Age 25                                    $566,920                        

Age 26                                    $517,150                         $49,770 (for waiting 1 year

Age 30                                    $357,240                         $209,680 (for waiting 5 years)

Age 40                                    $137,780                         $429,140 (for waiting 15 years) 

These examples assume a hypothetical 9% constant rate of return. Rate of return is a nominal interest rate compounded on a monthly basis. Actual investments will fluctuate in value. The illustration does not include fees and taxes which would lower results. Investing entails risk, including loss of principal. Shares, when redeemed, may be worth more or less than their original value

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  • Thanks Merle for the visit and comment 

  • Interesting statistics Ron, thanks for sharing.

  • Thanks Stephen Edgecombe for the visit and feedback. Consistency would definitely help also :) 

  • Looks like the earlier the better. Of course, consistency will help too,

  • Thanks Terri for the support and feedback. You are incredible :) 

  • Top Member

    Saving is good because every one wants to be retire one day. If you're thinking about traveling around, it costs money. You got to have money to do this. Shared via Syndication Automation.

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