It’s never too early to invest in your retirement
As a young professional working with the County of San Diego, you've got a lot on your plate. However, you also have time to start saving for a retirement that gives you the freedom you're looking for. So use it. It will be your retirement, so make it what you want it to be.
Check out these three hypothetical examples of young professionals who saved through the County's Deferred Compensation Program1.
Michael starts saving for his retirement at age 35, stopping at age 67. He has contributed $115.38 bi-weekly for 32 years, for a total contribution of $96,000. With a 7% hypothetical growth rate, at age 67 he will have $342,542 in his retirement savings.
Ashley starts saving for her retirement at age 21, stopping at age 35. She has contributed $115.38 bi-weekly for 14 years, for a total contribution of $42,000. With a 7% hypothetical growth rate, at age 67 she will have $610,798 in her retirement savings.
Courtney starts saving for her retirement at age 21, stopping at age 67. She has contributed $115.38 bi-weekly for 46 years, for a total contribution of $138,000. With a 7% hypothetical growth rate, at age 67 she will have $953,340 in her retirement savings.
Which retirement sounds best to you? There is no better time to start saving than now. Enroll or call to set up an appointment with your Nationwide Deferred Compensation retirement specialist available through the County.
1 This illustration is a hypothetical compounding calculation assuming a rate of return of 7% on a $30,000 annual salary. It is not intended to serve as a projection or prediction of the investment results of any specific investments. Investments are not guaranteed. Depending on the underlying investments, returns may be higher or lower. If costs and expenses had been considered in this illustration, the return would have been less. Interest compounded annually based on weekly contributions.