Just by making small changes to your everyday spending, you’ll be amazed at how much more you can save to help be ready for retirement.
Look at the difference a small change can make.
ITEM
Morning Coffee
$12.50 week/$650 year
SAVINGS BALANCE IN 20 YEARS $32,118
ALTERNATIVE Make coffee at home
Movie
$10 week/$520 year
SAVINGS BALANCE IN 20 YEARS $25,695
ALTERNATIVE Rent videos
Lunch
$30 week/$1,560 year
SAVINGS BALANCE IN 20 YEARS $77,084
ALTERNATIVE Bring lunch to work
Assumptions: These hypothetical examples of savings are based on weekly contributions made at the beginning of the week to a tax-deferred retirement account earning an 8% annual rate of return compounded weekly over a 20-year period. Your own investment returns may be more or less than this example, and income taxes will be due when you withdraw from your account. Investing in this manner does not ensure a profit or guarantee against loss in declining markets.
Source is Fidelity
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