The 8th Wonder of the World
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.