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.
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