According to Albert Einstein, “Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.”
Here is an example:
Assume at age 31 you start saving $2,000 a month for your retirement and you do so until you are age 65. Earning 9% interest you will have accrued over $470,000.
However, if you had started saving the same $2,000 when you are 22 and did so only until you were 31 you will have over $579,000 and will have only invested for 9 years.
If you are behind on your retirement savings it’s not too late to get started.