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It’s interesting how retirement seems so far away…and then seems to sneak-up on us around age 40! Planning ahead is the best thing you can do to secure an enjoyable and fully-funded retirement, and Midland Credit Union is here to help. We have professionals who can provide guidance as to which investment vehicles are right for you, and we’ll take in to consideration your life goals, not just your financial goals.
Starting to save for retirement in your 20s gives you a tremendous edge! Even if you can only tuck-away $25-$50 per week in a retirement plan, you’ll be surprised how much that money will grow by retirement! Consider this scenario: If you begin saving for retirement at 25, putting away $2,000 a year (for just 40 years), you’ll have around $560,000, assuming earnings grow at 8 percent annually. Now, let’s say you wait until you’re 35 to start saving. You put away the same $2,000 a year, but for three decades instead, and earnings grow at 8 percent a year. When you’re 65 you’ll wind up with around $245,000 — less than half the money.