Date: August 24, 2021
Einstein called it “the eighth wonder of the world”. Compound interest is one of the most powerful tools to building wealth, unfortunately, it’s very underutilized and often misunderstood. This is why Einstein called it the 8th Wonder of the World.
If you plan to retire in 20 years, and you start saving 1,000/month TODAY, by the time you retire you would have saved $1,098,031 (of which only 252k would actually come from your pocket – the BANK would pay the remaining 846,031 just to keep your money there).
Did you know that in order to retire and live 20-30 years with a 6 figure per year lifestyle you will need to have at a MINIMUM of $3million saved in retirement?
Most individuals don’t realize how much they will need to retire until it is too late, which is why you see so many senior citizens in the workforce today.
Even with over a million saved, that is only enough to live for another 20 years at around $54k/year. If you live longer than that – you’re screwed, or you’ll need to live a much more frugal lifestyle to stretch it out far enough to get by.
We can help you make a plan to retire with AT LEAST an extra 1Million in retirement through our tax planning process. Click here to schedule a call.