Spring Forward… Money Management Tips – Day 25
With compound interest, saving just 1% more of your pay ($400 on a $40,000 income) annually can provide tens of thousands of dollars more for retirement. If you’re 25, 35, and 45 and earn $40,000, you’d have $164,523; $66,623; and $24,436, respectively, by saving just 1% more of what you earn, assuming an 8% average annual return. Become an American Saver at http://bit.ly/gliVkL.
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- deborah.killam@maine.edu