Much -- if not most -- of your retirement fund will probably come from the cash you save.
Here’s a sobering thought: Much—and perhaps most—of the money you’ll accumulate for retirement will reflect the raw dollars you sock away and not the investment returns you earn.
What if you don’t get around to saving for retirement for the first 10 years of your career—perhaps a more common situation—so you only have 30 years to save for retirement? To have $1 million after three decades, you’d need to sock away $17,144 a year. That means that more than $514,000—or 51% of the final sum—was the money you saved.
What are the implications of all this? Clearly, the above examples highlight how important it is to save diligently for retirement throughout your working life. If the money you save is going to account for perhaps half of the final balance, you can’t afford to mess around. Moreover, savings aren’t just a crucial contributor to your ultimate nest egg. They’re also a necessary first step: .
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