No matter your age, there is never a wrong time to start investing. Let’s take a look at three hypothetical examples below. For these examples, everyone invests $57.69/week with a 7% growth rate and has an annual salary of $30,000.
Ashley started contributing early at 21 but stops at age 35. Even though she only contributed for 14 years, her money had decades to grow.
Courtney started young and stayed consistent until her full retirement age. She has nearly $1 million in retirement.
Michael didn’t start contributing until age 32 but kept at it until his full retirement age and was able to turn his $96,000 into $342,306.
These illustrations are hypothetical and are not intended to serve as a projection or prediction of the investment results of any specific investments. Investments are not guaranteed. Depending on the underlying investments, returns may be higher or lower. If costs and expenses had been considered, the return would have been less.