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April 18, 2008, Newsletter Issue #94: Tips for Saving Money for Retirement
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Tip of the Week
One of the best plans that you can initiate to make sure that you will have plenty of money for your retirement income is to begin saving while you are young. A good way to do this is to have 10 percent of your paycheck immediately deposited into a savings account, while the remaining 90 percent goes to your checking account. Before you know it, your savings will earn interest and compound. If you find that you can't afford to save ten percent, then try a lower number and work your way up until you can save ten percent of your income. Compounding is an excellent way to watch your money grow into a sizable nest egg. If you are considering annual compounding, then you may be interested in The Rule of 72. This will allow you to figure out how many years it will take to double your principle by dividing the interest rate by 72. For instance, if you have an interest rate of 8%, it will take 9 years to double your money (72/8=9). This is a great way to determine quickly if you are investing your money wisely.
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