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Does it seem like you need to save a lot of money? Fortunately, there are some powerful tools you can put to work to help you reach your goal. These tools are savings, tax advantages and investing.

Savings

An easy way is to set aside a little bit from each paycheck.

Start saving now. Remember, since returns accumulate over time, time is money! By starting early, you can create surprising results.

 

A person who saved $100 per month between the ages of 25 and 35 and then stopped saving would accumulate $200,000 by age 65. This is based on an 8% return per year. That same $100 per month, saved from age 35 until 65 and earning 8% would grow to only $150,000.

There is no substitute for saving early!

Inflation  Contributions