These differences speak to the power of compound interest, in which any interest earned accrues interest on itself, and a little money invested now can amount to more than a lot of money invested later. In short: If you want to become a millionaire, the earlier you start investing, the better.
Of course, this calculation doesn't account for the many variables that can affect your wealth over several decades, including windfalls, emergencies and rises or dips in the market. But it can give you a good estimation of whether or not you're saving enough to retire comfortably.
Ready to put your money to work? The simplest starting point is to invest in your employer's 401(k) plan, a tax-advantaged retirement savings account. Next, consider alternate retirement savings accounts, such as a Roth IRA, traditional IRA and/or a health savings account.
You can also research low-cost index funds, which Warren Buffett recommends, and online investment platforms known as robo-advisers.
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