By JLP | May 30, 2006
FEATURED CALCULATOR: LifetimeSavings
I guess the proper answer for that question is “who knows!” The reason for this is that there are so many variables in life that it makes it difficult to come up with an answer. That said, I think it is still a good idea to try to answer this question for yourself. Why? Because I think it can put you on the right path for saving for the future. Too many people try to turn a blind eye to retirement planning because it seems so far off and would rather spend their hard-earned money on nice cars and clothes and anything else that doesn’t retain its value.
If a young person aged 25 started out in a career and committed to saving 10% of their earnings over their lifetime and those savings grew at 10% per year, it is possible that they could have over $2,000,000 by the time they reached 65. If they were fortunate enough to have a company that matched 3%, they could have over $2.7 million by the time they reached retirement. Don’t believe me, try it out for yourself with my latest calculator, LifetimeSavings, which will let you customize the calculator for your needs. Give it a try and tell me what you think.
This is why it is sooooo important to get started saving for retirement AS SOON AS POSSIBLE.