How much does it cost Alan, age 30, to accumulate $1 million at age 65 compared to Max, age 40? Let’s assume a 7% long-term rate of return. Alan will have to contribute $581/month to reach his goal, while Max will have to contribute $1269/month. That’s more than double! That’s the magic of compound interest. Procrastination is very costly in preparing for retirement. These calculations were obtained from the financial calculator. Give it a try for yourself.
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