Time is on your side. Even a small amount saved over 30 or 40 years has the potential to become a lot of money, thanks to the power of compounded growth. That means what you put into your account earns income, and the income in turn is reinvested in your account. Compounded growth creates a multiplier effect as your contributions and reinvestments keep building on each other.
The more you save, the better off you’re likely to be. Even if you can save only a little, do it—then save more as you earn more. And remember, it’s never too late to start saving.
For example, just $100 per month of savings could grow to almost $300,000 in 30 years. That’s $252,000 of earnings if your investments grow at an average of 8% annual compound rate of return.