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times as much as a dollar saved in your 40s. Take a look at this example from Jean Chatzky’s Make Money, Not Excuses:
Invest $10 a day ($304 a month) in an account that pays 8% In 40 years, you’ll have $1,061,266
In 30 years, you’ll have $453,069
In 20 years, you’ll have $179,062
In 10 years, you’ll have $55,615
What a difference a year makes! Should you postpone saving, you won’t be able to catch up without socking away much more money later.
The Federal Deposit Insurance Corporation (FDIC) recommends that you contribute as much as you can to IRAs, 401(k)s, Keoghs and other retirement savings while you are still meeting other goals, such as buy- ing a home or starting a family.
Financial Planning for Retirement 49
