On the Ilyce Glink show today, we discussed how all you fathers, grandfathers, uncles (and mom, grandmothers and aunts) can help the recent college and graduate school graduates make their smartest move yet — saving for retirement.
Here are the numbers that should help your graduate “get” how important it is to save for retirement.
If you save $250 per month and the account earns 8 percent annually, this is how much you’ll have at age 65:
- $878,575, if you start saving at 25
- $376,073 if you start saving at 35
- $148,236 if you start saving at 45
And remember, if you save $2,000 per year from age 25 to 35, you’ll have more when you retire than if you start saving at 35 until 65.
June 18, 2006