How much will you have when you're an old prune and male-prune?

... apparently, old prune means an old woman. So up goes the male-prune.


Good read on how to save for your retirement.

Honestly, you can never save enough for your retirement if you keep saying, "I'll start later when I work for real".

I know most of you would not even bother to look at the article. So I'm gonna add an excerpt here. Hopefully it'll pique your interest.

Every year you put off investing makes your ultimate retirement goals more difficult to achieve. - Burton Malkiel in The Random Walk Guide to Investing

... If she contributes $5,000 annually to her Roth Individual Retirement Account (IRA) for 45 years, and if she leaves the money to earn an average 8% return, her retirement savings will total over $1.93 million.

And a table that simplifies things..



Source: Get Rich Slowly (2008)
'Start' is the age you start investing.
'End' is the age you stop investing. Meaning you're retired.
'Annual contribution', self-explanatory.
'Investment return', like.. interest rate la I think.
'Final value' is the money you've saved for your retirement.

As you can see, the younger you start saving, the less you have to contribute each year. And that means, you can put more money somewhere else, be it an education fund for your kids or other investments.

This is called compound interest.