Compound growth rewards early savers. Learn the basics of pensions, contributions and planning for later life.
Retirement may feel far away, but the earlier you start saving, the less you need to put aside each month.
The Power of Compound Growth
Investment returns earn their own returns over time. Money invested in your twenties has decades to grow, while the same amount invested in your fifties has far less time.
Use Workplace Schemes
- Join your employer pension or retirement plan
- Contribute at least enough to receive any employer match
- Check the fees on the funds you choose
Estimate What You Need
Consider housing, health care, travel and everyday costs. Many planners suggest aiming for a retirement income of a large share of your working income.
Review Regularly
Check your progress every year and increase contributions when your salary rises. Consider professional advice for major decisions.
