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Uncertainty and fear of investment failure are major causes of procrastination. Putting an investment decision off to a later date can be very costly in the long term. You may have been thinking of investing for retirement for a while but life gets in the way and suddenly you haven’t done it.
Let’s have a closer look at the cost of waiting. If you start at age 30 and invest $5,000 per year for 35 years, you will end up with $590,604 at age 65, assuming an average annual growth rate of 6.00%. If you put off saving for retirement for 10 years and start at age 40, that number shrinks to $290,782. By waiting 10 years, you wind up with almost $300,000 less in your retirement fund at age 65.