Did you know?
Saving for retirement ensures people can navigate
their golden years with enough money to comfortably
say goodbye to working full-time. The earlier
one begins to set aside savings for retirement, the more
money accumulates. Mass Mutual says a saver at age 22
with a goal to retire at age 65 can achieve total savings
of $2,255,844 before taxes and inflation when putting
away $500 a month for retirement. Waiting until age 32
to start saving the same amount monthly drops the total
savings down to $972,542, while waiting until age
42 shaves it down to $395,866. When a person starts
saving at age 22, the rate of savings increases because of
compounding interest over time. The earlier a person
starts, the easier it is to end up
with a nest egg that can ensure
a comfortable retirement.
While it may be challenging
to think about retirement
when just starting
out in a career, keeping
an eye on the future with
smart saving strategies can
set people up for financial security
later in life.
For more great savings
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