I used to find saving for retirement daunting because the number needed seemed so distant and far off. I always thought, "What does it matter if I save $50 a week or $10 a week, it will never be enough." The one thing I never took into account was investing, compounding interest, and father time. Do not believe me?
Take a look below at what a small sum of money can become over time. If a 22 year old saved only $10 a week and invested it in a 401k or some other retirement plans and received a 7% return, he or she would have around $165,776 by the time he or she retired at 67. Yes I know that seems like a long time, but time can be generous for those who start young. Look at what happens if you are willing to invest a little more.
$20 a week-$341,553
$40 a week-$663,105
$50 a week $828,882
$100 a week $1,657,765
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It really boils down to time, patience, and willingness to invest. I use simple S&P index funds which show that a 7%-10% return is normal over the course of time. That saves me a lot on fees. I will not get too caught up on how to invest since you can visit the master JL Collins here-http://jlcollinsnh.com/stock-series/
Saving for retirement is not sexy and not fun. However; think about the future you and what could happen if you do not have money for your golden years. You owe it to yourself to do some savings. Play around with some financial calculators and see what you can do with the time you have left before the age of retirement. We are not all 22 years old so some us need to play catch up. Do not be left to the last second with nothing to fall back on. I work in public housing and I promise the safety net in this country is not great.
Check out these links to various calculators and start playing around- http://jlcollinsnh.com/calculators/