To take advantage of the power of compounding, it pays to start saving as soon as you can. The earlier you start, the easier it will be to achieve your financial goals.
If you start saving $100 a month in an FDIC-insured savings account at age 25 or age 45, how much will you have when you are 65?
Amount saved by age 65
$100 saved per month, 3% interest, compounded daily
Get started saving as early as you can. Many savers lose out because they wait too long to get started or save too little. If you don’t start saving early, it can take more effort to catch up.