🎨 The Power of Saving Early for Retirement

When I started my first job in Finance, my mom sent me this email with priceless advice on saving for retirement:

While contributing $100 per month isn’t enough for most people to retire comfortably, the key takeaway is simple:

Save early and often!

The table below illustrates exactly why:

Notice how starting at age 25 versus 55 leads to a drastic difference in total savings. This is driven by the magic of compounding – where your money grows by earning returns on its returns. The earlier you start, the longer your money has to multiply, making time your greatest asset.

If you’re wondering where you stand with retirement savings, check out this retirement calculator from Ramsey Solutions.

Keep in mind that factors like retirement age and expected returns can significantly impact your final balance estimate.

While no one can predict the future, the S&P 500 has historically averaged around 10% returns annually. However, for long-term planning, a more conservative estimate of 6% — 8% may be more realistic.

Here’s one of my favorite recent video releases – my complete budget blueprint. These are the steps I’d follow if I were looking to start budgeting the right way.

Keep Saving,

Steve | Feasible Creative

“He who laughs last at the boss’s jokes probably isn’t far from retirement.” - Unknown