Why is it important to start
saving for retirement early?
When saving for retirement,
it's really important to start
saving as soon as possible.
The sooner you set up a
savings plan, the more you'll
have at retirement.
According to InvestorGuide.com
• According to the NJ Department of
Health Services, the average life
expectancy for a male is 75.5 years.
• With the average retirement age at
around 67, it is necessary for a retiree
to comfortably support himself for at
least 8 years. According to the Social Security Administration
If you start your career right
out of college, you will enter
the workforce around 22.
If you start saving for
retirement as soon as
possible that will give you
around 45 years to build up
a nice nest egg.
If you start out with a
salary of $45,000, in 45
years you will be making
Based on an average inflation rate of 3%
annually, according to the US Census Bureau
retired individual may
need as much as 70%
of his pre-retirement
income to live
Amount of money you will have saved
at retirement if you wait.
Based on an annual contribution of $5000 into a
tax-deferred investment plan with 6% interest.
How much you will recieve annually
after retirement, based on how long
you wait to start investing.
Based on an annual pre-retirement investment
of $5000 and collecting for 8 years past
• If you start saving immediately, you
can live your post-retirement years
close to 100% of your pre-retirement
• If you wait 10 years, it drops to 52.8%.
• If you wait 15 years, it drops to 37.4%.
• If you wait 20 years, it drops to 26%.
• If you wait 25 years, it drops to 17.4%.
Therefore it is very
important to start saving
for retirement as soon as
possible, to ensure that you
will be able to retire