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It can be easy to overlook the importance of saving for retirement, especially when you’re focused on short-term financial priorities like buying a new car or saving for college. However, it’s crucial to consider your long-term financial security and make saving for retirement a priority. If you start early and save regularly, even small amounts can add up to significant retirement savings. The extra money you save today may have years, or even decades, to grow before you need it for retirement.
Consider the following two examples to see how saving a dollar a day or an extra percent could make a big difference in helping you retire with confidence.
Set aside an extra dollar a day
To start, set a goal of saving the equivalent of a dollar a day. Or if you’re already saving, work on saving an extra dollar a day. If you invest this $365 for 30 years, earning an average annual return of seven percent per year, your dollar-a-day commitment would grow to nearly $34,500. If you extend this commitment to 40 years, the cumulative total more than doubles to just $73,000. That’s a significant amount of money when you consider the minimal effort required to save a dollar a day.
Increase savings by one percent
You may also consider increasing your savings by one percent. Let’s say you’re committed to setting aside five percent of your income for retirement. For this example, we’ll assume he started saving when he earned a salary of $30,000 per year in 1987 and his salary increased by 3 percent per year for 30 years. If he continued to save five percent of his income and earn an average annual return of seven percent, he would accumulate approximately $208,000 over those three decades.
But what if you choose to increase your savings to six percent of your income? During that 30-year period, he would grow his savings to nearly $250,000. One percent of additional annual savings could add up to 20 percent more in accumulated savings at the end of 30 years.
worth starting
No matter how small the dollar amount or modest additional savings, your diligence and patience can be rewarded. You don’t need a lump sum of money to start saving. Whether it’s an extra dollar or a one percent raise, any amount can help you get closer to your financial goals. Now the most important part is getting started.