Musicmystery
Posts: 30259
Joined: 3/14/2005 Status: offline
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If a 20 year old set aside $25 a week (they spend more on frivolous things), even at a modest 5%, they'd have $219,530 at retirement. If they saved $50, they've have $439,061. If they got a conservative long term stock market return of 8%, they'd have $1,142,817.15. Most wait until age 50, though, yielding $74,974.95 ($70,000 is the average retirement savings), saving 1/3 of the time and getting 6.5% of the final balance--when they could have easily retired millionaires. Try explaining that to a young person, though.
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