If You Put Just $500 Into Your IRA Every Month for 20 Years, You Could Have This Much Cash by Retirement
One of the best things you can do for your retirement savings is to start saving and investing as early as possible. Even consistently investing relatively small amounts can add up to a lot over time, thanks to compound earnings.In investing, compound earnings occur when the money you earn on an investment begins to earn money on itself. It's a lucrative snowball effect that becomes more lucrative with more time, making it perfect for retirement savings.For perspective, let's imagine you invest $500 monthly into an IRA and average 10% annual returns for 20 years. After those two decades, you would have around $343,650 in your account (not accounting for fees from funds you potentially invest in).Continue reading
One of the best things you can do for your retirement savings is to start saving and investing as early as possible. Even consistently investing relatively small amounts can add up to a lot over time, thanks to compound earnings.
In investing, compound earnings occur when the money you earn on an investment begins to earn money on itself. It's a lucrative snowball effect that becomes more lucrative with more time, making it perfect for retirement savings.
For perspective, let's imagine you invest $500 monthly into an IRA and average 10% annual returns for 20 years. After those two decades, you would have around $343,650 in your account (not accounting for fees from funds you potentially invest in).
