(NEW YORK) — Most young workers may not be worried about saving for retirement because it’s decades away. But personal finance experts say starting early can give savers a big head start.
“Even small amounts with a long horizon make a huge, huge difference,” says Julie Jason, chief investment officer at the retirement planning firm Jackson Grant.
If you start putting away a small amount each week in your 20s, it’s much better than waiting until your 30s or 40s, she says.
“The younger you are and the earlier you start to invest the more you can take advantage of compounding,” she adds, adding that the gains from compound interest rates “are just incredible as to how much more you can have over a long period of time.”
Copyright 2014 ABC News Radio
Chandra Johnson, Deseret News
Brian Stelter, CNN Money