One of the greatest things you can do for your future is to start saving now!
By investing now, you can accrue years of interest as well as compounding your investment — earning interest on your interest. Check out these hypotheticals of young professionals who saved through the County’s Deferred Compensation Program.
Ashley starts saving for her retirement at age 21 and stops at age 35. She contributed $115.38 bi-weekly for 14 years, totaling $42,000 in total contributions. With a 7% hypothetical compound growth rate, at age 67 Ashley will have $610,798 in retirement savings.
Michael starts saving for his retirement at age 35 and stops at age 67. He contributed $115.38 bi-weekly for 32 years, totaling $96,000 in total contributions. With a 7% hypothetical compound growth rate, at age 67 Michael will have $342,542 in retirement savings.
Courtney starts saving for her retirement at age 21 and stops at age 67. She contributed $115.38 bi-weekly for 45 years, totaling $138,000 in total contributions. With a 7% hypothetical compound growth rate, at age 67 she will have $953,340 in retirement savings.
Which retirement sounds best to you?
There is no better time than now to start saving. 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.