Many people in their 20s and even 30s think, “I’m young! I have plenty of time to start saving for retirement.” But retirement age can creep up quickly. If you have relaxation and travel in mind for your retirement, you need to make sure you have enough money to support that. The key is to start saving as early as possible and as much as possible.
Benefit 1: Compound interest
Saving for retirement can be as simple as opening a regular savings account and depositing a set amount every month; however, if you really want to see the benefits of saving early, you need to open a pension account. Unlike a savings account, where your money just sits there until you’re ready to use it, in a pension account, your money is invested and you benefit from two of the sweetest words in the English language: compound interest.
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