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May222012

...Wondering When to Start Saving?

According to CNN Money, you should start saving for retirement as soon as you can. (I know, shocking right? I probably didn't need CNN to back me up on that.)

I recently read an article that showed what a big difference it can make when you start saving in your 20's.

 

Here's an example of what a big difference starting young can make. Say you start at age 25, and put aside $3,000 a year in a tax-deferred retirement account for 10 years - and then you stop saving - completely. By the time you reach 65, your $30,000 investment will have grown to more than $472,000, (assuming an 8% annual return), even though you didn't contribute a dime beyond age 35.

Now let's say you put off saving until you turn 35, and then save $3,000 a year for 30 years. By the time you reach 65, you will have set aside $90,000 of your own money, but it will grow to only about $367,000, assuming the same 8% annual return. That's a huge difference.

Read the full article here.

 

Just some food for thought! If you start pinching pennies a little here and there it will pay off big time with little effort down the road.

Right now we have a great promotion going on with our youth accounts. If you have children or grandchildren, open them up an account and we will match your initial deposit up to $50. A quick and easy way to jumpstart their savings, whether it be for a vacation, college, a home, or retirement!

Visit our website for more details.

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Reader Comments (1)

I couldn't agree more. Saving indeed a very important aspect in life. For instance, the decision of starting to save associates the set of goals that you have. Kids while they are young should be trained how to save money for their future as well as guide them on their financial journey.

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