Have You Heard? It’s NS4RW!

Can you guess what this week is (Oct. 21-27)? It’s NS4RW – otherwise known as National Save for Retirement Week! Yes, that’s right, the House of Representatives and the Senate of the United States passed a bill declaring this week to be set aside to promote retirement savings. Being the momentous occasion that it is, I couldn’t pass up the opportunity to get you thinking about your retirement savings!

When are you planning to start saving for retirement? When you have a full-time job or start a family? Personally, I’ve already started saving for retirement because I know that time and compound interest is on my side. The earlier you start saving, the more compounding interest can work for you! Here is an example (taken from Good Sense Budgeting material).

Start saving at 20 years old

$100 per month @10% compound interest
For 15 years
Stop saving at 35
Total: $431,702

VS

Start saving at 35 years old
$100 per month @ 10% compound interest
For 25 years
Start saving at 35 Stop at 60
Total: $123,332

If you want to run some numbers of your own, check out our “Don’t wait to start saving” calculator in our resources section. The younger you are, the more compounding interest works in your favor.