Overcoming Retirement Saving Doubts
Q #6: “Saving enough still sounds daunting. What else can you say to make me feel more comfortable about being able to save enough?”
I get the daunting part. Even to live on $40,000 a year for a 25 year retirement requires a million dollars. But you don’t need to earn a million to have a million. You just need to grow a million through your investments. That’s why saving early is so important. Saving early gives your investments time to grow and multiply.
The longer your money is invested in a retirement fund, the more it will grow. In fact, with an aggressive savings strategy, you can create a $1 million portfolio in as little as 17 - 20 years. That’s that power of compound interest. After enough time passes, compound interest can allow you to double or triple your money.
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