Where Do you Go for Financial Advice?
Moreover, it is an established fact that saving a little bit, early in one's career, makes a more significant difference in terms of sheer account accumulation than saving more—even a lot more—later in life. In a very real sense, time is money when it comes to saving for retirement. Consequently, getting participants to set aside even a small amount right from the first can make a big difference—to your plan and, more importantly, to the participant. h While it is as simple as "earnings on your savings earn more earnings," the impact in pure dollars and cents over time is nothing short of magical. h This month's issue highlights the impact of that "magic"—even on a savings rate as small as $20/week. Of course, the rate can be even greater thanks to the benefit of tax-deferred saving, and even more if there is a company match involved. h As we note in the attached, this is one time when something that seems "too good to be true" isn't. As always, we look forward to your comments and suggestions. - The Editors