You only get one shot at retirement: Plan accordingly

One of the biggest regrets, of course, is not saving enough, especially when they were young. The power of compound interest is critical in retirement — you would have so much more in that retirement account had you been serious about saving in your 20’s or 30’s and not waited until your 40’s or, for some, their 50s. (For example, $10,000 invested at 4 percent with compound interest becomes $14,802 in 10 years. That $10,000 turns into $48,010 over 40 years.)

“You have to give that money time to grow,” says Paul Saganey, president of Integrated Financial Partners in Waltham, Mass. “You can’t wake up at 57 or 58 and say, ‘I want a great life.’ ”

– The Washington Post

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