Think fast: Do you think you might save $700,000 for retirement?
Sounds unlikely, doesnt it?
For those of us who livepaycheck to paycheck, saving $700K sounds like a pipe dream.
You might as well make plans to build a candy-coated castle in the clouds, right?
Seems just as likely.
Ah, but what if I told you you could do it?
Would you believe me?
What if I outlined a strategy to make it happen?
Heres the one thing you should know: The sooner you start, the better.
No Interest Til Almost 2027?
Its all aboutthe power of compound interest.
Compound interest is interest you get paid on your interest.
That way, your savings starts gathering interest like a snowball rolling downhill.
With compound interest,your greatest asset is time.
This low-cost digital retirement savings app can help you open an IRA (Individual Retirement Account) within minutes.
To get to this handy retirement calculator, go to theFinhabitswebsite and click Get Started.
Play around with the calculator.
Then it projects how much money youll have socked away by the time you turn 62.
Its projections are based on Finhabits investment plans.
But this calculator really puts it in black and white.
It uses hard figures to spell out the effects your decisions today will have down the line.
Go without that expensive latte every morning.
Beyond that, we have three ideas for making and/or saving that extra $50 per week.
For maximum results, try all three.
Lyft:Hustle up some extra cash by driving forLyfton your own schedule.
Lyft keeps expanding andsays its platform now covers 94% of the country..
Trim:InstallTrim, a Facebook messenger bot that will negotiate your cable or internet bills down for you.
It works with Comcast, Time Warner, Charter and other major providers.
Itll keep negotiating until it saves you money.
Put the savings toward retirement.
Heres an option we like: Its theChase Freedom Unlimited card.
Theres no annual fee, and the cash-back rewards dont expire.
We checked Crediblesannual rewards calculator, and it estimates $417 in annual rewards based on our spending habits.
Get signed up and 0% intro APR for 15 months here.
*Annual Rewards amounts will change based on the amounts you enter.
The monthly spending category names and definitions may vary among issuers, and categories may not align one-to-one.
The information for the Chase Freedom Unlimited card has been collected independently by The Penny Hoarder.
The Penny Hoarder is a partner of Credible.
Take these steps, and maybe youll be able to retire after all.
Finhabits retirement calculatorwill help point the way.
And once youve gotten a look at the numbers, the service will help you open an IRA.
Thesooner you start, the better off youll be.
We do not feature all available credit card offers or all credit card issuers.
The Finhabits retirement calculator projects results for demonstration purposes only.
All securities involve risk and may result in loss.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
Hed like to retire someday.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help… We can’t personalize articles for our readers, so your situation may vary from the one discussed here.
