Understand the Benefits of an IRA
Why Pay For Retirement Now?
Simple: Saving now will yield way more money later, due to the power of time and compounding interest.
Here’s an example: Chelsea and Katie both put in $24,000 over the years, but Chelsea began putting in money ($50 per month) at age 25 while Katie began saving ($100 per month) at age 45. Even though they both put in the same total amount, by the time they are 65, you can see that Chelsea has almost twice as much money to retire with as Katie. Chelsea’s savings have earned more interest and grown more over time than Katie’s.
Key take-away: Early self-discipline will pay off when you’re on the beach in Greece and your cubicle is but a distant memory.
With that settled, let’s get you set up with an IRA!
(If you’re not sure if an IRA is the right retirement vehicle for you, evaluate your other retirement options.)
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