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You think to yourself "I wish I could have twice as much". You may have figured out where this is going. Just START 7 YEARS EARLIER. Now at end of 35 years you have $414,000, just for starting sooner. And if you start another 7 years earlier, imagine, $846,000. You accumulate $214,000 during fifth 7-year period and $432,000 during sixth 7-year period. Sixteen times and thirty-two times amount in first 7-year period. All for same 110 dollars a month!
Yes, I know. This would require beginning saving at age 23, a very difficult thing to do. I also realize that those people with marginal incomes just don't have money to save and also that younger people usual have lower earnings power and incomes. I'm trying to make point that to whatever extent you can follow this start-early concept it will pay off handsomely by time you reach retirement.
Albert Einstein wrote that he believed most marvelous thing in universe was compound interest. You can put it to work and double or triple your retirement savings. Save as much as you can, save regularly but most of all start as EARLY as possible.
Dr. Moloney retired from Family Practice several years ago but has retained his lifelong interest in music and teaching. He has written a book explaining and simplifying music. http:/www.musicsimplified.com/