Welcome to long-term financial planning! Let's start with a simple question: what does retirement mean to you?
Retirement is when you stop working for money and live off the money you've already saved. Think of it as your future financial freedom.
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When do you hope to retire?
Here's something that might surprise you: starting to save for retirement in your 20s versus your 30s can mean hundreds of thousands of dollars more money later.
The secret weapon? Time. Time lets your money grow through something called compound interest.
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Have you heard of compound interest before?
Let me show you the magic of starting early with a simple example:
Sarah saves $100 per month starting at age 25. Tom saves $100 per month starting at age 35. Both earn 7% yearly returns.
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Who do you think has more money at retirement?
Type
Multiple Choice
Practice Question
Based on Sarah and Tom's example, if Tom wanted to have the same retirement savings as Sarah, approximately how much would he need to save per month starting at age 35?
A. 200/month C. 300/month
