Do not wait. It will cost you more to wait than it will to get started now. If you wanted to save $1 million dollars by the time you reach age 67, assuming you earned 10% compounding interest, here is what you would need to save:

At age 27, you would have to save $214.00 a month

Total of $102,720 invested

At age 37, you would have to save $541.00 a month

Total of $194,760 invested

At age 47, you would have to save $1,491 a month

Total of $357,840 invested

At age 57, you would have to save $5,168 a month

Total of $620,160 invested

At age 62, you would have to save $13,258 a month

Total of $795,480 invested

The sooner you can get started saving, the fewer dollars you have to save to reach the same goals. The opportunity cost is the high cost of waiting!

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