Monday Morning Money Minute
Posted by Mark Matney of Holcomb Law, PC Newport News, VA
www.matneylawpllc.com
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Monday Morning Money Minute
Financial Baby Step 4: Invest 15% of your household income for retirement. As investment coach Paul Hogan says, “Investing now will replace your paycheck later.” 15% may seem unreachable today, but you will have more money available as you pay off your debt. The earlier you start, the better. For example, if you save $200 per month (about $50 per week) at a 9% return beginning at age 25 and retire at age 60 (35 years), then you would have $592,770. However, if you wait until age 40 and invest for only 20 years, then you would have $134,579. The moral: start as soon as possible. It is never too late to begin. It is also never too early.
