Access Financial Tip: Start saving for retirement the moment you have an income. As soon as you land your first job, start contributing to your company retirement plan. Even if you can only afford $25, $50 or $75 a month, there are several benefits to starting right away. Most importantly, you’re starting a behavior pattern. Beyond that, the benefits of compounding could turn your small monthly investment into a decent nest egg as time passes. Even if you put $50 a month into your plan during your first year of employment, that $600 in contributions alone could grow into $13,952.08 over 40 years.* And that’s just the beginning. Plan to increase your contributions as you get older, but for now, contribute as much as you can as soon as you can.
Posted on: Mon, 16 Sep 2013 19:00:00 +0000
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