AllFinancialMatters has posted a couple of shocking charts illustrating the cost of waiting to invest in your retirement. I keep closing the page, but then opening it again to look at them.

After messing around with the retirement savings calculator I built, I started thinking about the cost of waiting just one year to start saving for retirement. The impact is huge! Take a look at the chart below:

I assumed the following:

A person starts saving $2,000 per year at age 22. The account grows at 10% per year. At age 65, they could have $1,804,801.

This chart is especially alarming since I just turned 37 two months ago. I want to find a calculator that tells me how much I should have saved by this time, and then compare that with the amount I actually have.

If this won’t make you start putting aside money today, then nothing will.

This article is about Planning, Retirement, Tools