| Many people
change jobs in their late 20's or early
30's... And the biggest mistake
they make is to cash in their company's
retirement fund when they leave!
It IS very tempting... 10,000 bucks...
just sitting there... and it's all
yours...
But, what a
relatively small amount of money can do
for you, if you just leave it alone, is
amazing!
Let's say you
invest $5000 at age 25... at 10%
compounded monthly... and walk away...
Check it out:
|
age 25 |
$5,000.00 |
|
age 26 |
$5,523.57 |
|
age 27 |
$6,101.96 |
|
age 28 |
$6,740.91 |
|
age 29 |
$7,446.77 |
|
age 30 |
$8,226,55 |
|
age 31 |
$9,087,97 |
|
age 32 |
$10,039.60 |
|
age 33 |
$11,090.88 |
|
age 34 |
$12,252.24 |
|
age 35 |
$13,535.21 |
|
age 36 |
$14,952.52 |
|
age 37 |
$16,518.24 |
|
age 38 |
$18,247.92 |
|
age 39 |
$20,158.72 |
|
age 40 |
$22,269.60 |
|
age 41 |
$24,601.52 |
|
age 42 |
$27,177.62 |
|
age 43 |
$30,023.47 |
|
age 44 |
$33,167.32 |
|
age 45 |
$36,640.37 |
|
age 46 |
$40,477.09 |
|
age 47 |
$44,715.57 |
|
age 48 |
$49,397.88 |
|
age 49 |
$54,570.48 |
|
age 50 |
$60,284.73 |
|
age 51 |
$66,597.32 |
|
age 52 |
$73,570.93 |
|
age 53 |
$81,274.77 |
|
age 54 |
$89,785.30 |
|
age 55 |
$99,187.00 |
|
age 56 |
$109,573.20 |
|
age 57 |
$121,046.90 |
|
age 58 |
$133,722.10 |
|
age 59 |
$147,724.60 |
|
age 60 |
$163,193.30 |
|
age 61 |
$180,281.70 |
|
age 62 |
$199,159.60 |
|
age 63 |
$220,014.20 |
|
age 64 |
$243,052.50 |
|
age 65 |
$268,503.30 |
Here's another
huge incentive for you to leave that
retirement account alone: If you
take it out early (before you're 59
1/2), you'll have to pay taxes on it and
eat a 10% penalty!! Not smart!
This ranks right up there with the
biggest bozo financial moves people
make. You can read more about
retirement accounts in a later lesson
- or
jump there now!
|
