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.

GRS is committed to helping our readers save and achieve your financial goals.Savings interest rates may be low, but that’s all the more reason to shop for the best rate.Find the highest savings interest rate from Ally Bank, Capital One 360, Everbank, and more.

This article is about Planning, Retirement, Tools  

Disclaimer: This content is not provided or commissioned by American Express. Opinions expressed here are author's alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.

Discover is a paid advertiser of this site. Reasonable efforts are made to maintain accurate information. See the Discover online credit card application for full terms and conditions on offers and rewards.