By the Editors of Kiplinger's Personal Finance
Follow our stategies to achieve financial Security, then reap the rewards.
For the 70th-anniversary issue of Kiplingerâ€™s Personal Finance we distilled our best advice to show you how to build, protect and enhance your wealth throughout your life. Start with these tips to save more for retirement:
Save Early and often. The sooner you start to save, the easier it will be to amass a comfortable nest egg -- thanks to the power of time and the magic of compounding. A 25-year-old who saves $450 a month in a tax-deferred retirement account and earns an average yearly return of 7% will have about $1.1 million by age 65. If the same investor waits until age 35 to start saving, sheâ€™d have to sock away $950 a month to reach roughly the same balance by age 65. Read Full Article