Start Saving Early and the Results

[SHOPGIRL]

This came from the website practical money.  This chart always amazes me. You'll have to scroll down. Principles of Savings Start saving early Mary and Arturo both save $1,000 per year ($83.33 per month or $19.23 per week). The money each saves earns 10% interest per year. Mary starts at age 22 and stops at age 30. Arturo starts at age 30 and stops at age 65*. Age Mary Invests Growth Arturo Invests Growth 22 1,000 1,100 0 0 23 1,000 2,310 0 0 24 1,000 3,641 0 0 25 1,000 5,105 0 0 26 1,000 6,716 0 0 27 1,000 8,487 0 0 28 1,000 10,436 0 0 29 1,000 12,579 0 0 30 0 13,837 1,000 1,100 31 0 15,221 1,000 2,310 32 0 16,743 1,000 3,641 33 0 18,418 1,000 5,105 34 0 20,259 1,000 6,716 35 0 22,285 1,000 8,487 36 0 24,514 1,000 10,436 37 0 26,965 1,000 12,579 38 0 29,662 1,000 14,937 39 0 32,628 1,000 17,531 40 0 35,891 1,000 20,384 41 0 39,480 1,000 23,523 42 0 43,428 1,000 26,975 43 0 47,771 1,000 30,772 44 0 52,548 1,000 34,950 45 0 57,802 1,000 39,545 46 0 63,583 1,000 44,599 47 0 69,941 1,000 50,159 48 0 76,935 1,000 56,275 49 0 84,628 1,000 63,002 50 0 93,091 1,000 70,403 51 0 102,400 1,000 78,543 52 0 112,640 1,000 87,497 53 0 123,904 1,000 97,347 54 0 136,295 1,000 108,182 55 0 149,924 1,000 120,100 56 0 164,917 1,000 133,210 57 0 181,409 1,000 147,631 58 0 199,549 1,000 163,494 59 0 219,504 1,000 180,943 60 0 241,455 1,000 200,138 61 0 265,600 1,000 221,252 62 0 292,160 1,000 244,477 63 0 321,376 1,000 270,024 64 0 353,514 1,000 298,127 65 0 388,865 1,000 329,039   Value at Retirement $388,865 Value At Retirement $329,039 Less Total Contributions $(8,000) Less Total Contributions $(35,000) Net Earnings $380,865 Net Earnings $294,039 • Mary invested $8,000 total. • Arturo invested $35,000 Total *...and Arturo never caught up.

[homesteadmamma]