Retirement is a time to relax and do the things that we enjoy or interest us. While retirement might seem like a long way off, eventually it will be right around the corner. Whether you have just started working or have been in the workforce for 20 years or more it is important to come up with a plan to save for retirement. Here are some tips.
Start as Early as Possible
The earlier you start saving for retirement the more money you will ultimately save. This is true not only because you will be saving more money over time, but because of the power of compound interest. Compound interest means that over time interest grows exponentially. For instance, you can put $100 a year away in your mattress for ten years and save $1,000. However, with compound interest, if you put that same amount of money away in a bank account earning 10% interest for 10 years, this amount amazingly grows to about $2,000. That is twice as much just using the power of compound interest.
Savings
Your Savings is obviously vital to saving for retirement. There is a popular term that is used in the finance circles and it is called Pay Yourself First. This is a good creed to live...
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