• foggy@lemmy.world
      91·
      1 year ago

      Compounding interest is a hell of a drug.

      Saving anything is infinitely better than saving nothing.

      Retiring is possible for anyone with an education, but it is a sacrifice, and a gamble on not dying

      • bobs_monkey@lemm.ee
        53·
        1 year ago

        Anyone can save for retirement, even without a formal education. It just time and diligence to save, and then some reading to learn how to invest.

        • los_chill@programming.devEnglish
          7·
          1 year ago

          All of that requires a livable wage first. How many times do people have to prove that no amount of “dilligence” will allow people to live, let alone save on minimum wage in most places?

        • grue@lemmy.worldEnglish
          13·
          1 year ago

          It just time and diligence to save

          It’s just having the self-control to live below your means.

    • gibmiser@lemmy.world
      5·
      1 year ago

      Try playing with this. Set the interest rate to 7%. Assume you will live to 75 (average us life expectancy) and retire at 65.

      Now change the monthly contribution amount to the most you can comfortably contribute right now if you opened an IRA IRA.

      This is your low estimate of your retirement savings. As you get older hopefully you earn more and can contribute more.