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Starting early pays more

The sooner you start to save the better. By starting now, you won't have to put as much money away to achieve the same amount as someone who starts ten years after you.

Take a look at the difference - Terry starts to save at age 25; contributing $1,000 every year for 10 years. While Chris starts saving at age 35; contributing $1,000 for 30 years. Chris still can't catch up to Terry – it really pays to start early!

  Terry Chris
Starts contributing at age 25 35
Annual contribution $1,000 $1,000
Number of years contributing 10 30
Total contributions $10,000 $30,000
Total accumulated $157,435 $122,346

Assumptions: Contributions made at the beginning of each year, compounded annually, at an 8% rate of return.