By Jeffery Levine, IRA Technical Expert
Follow Me on Twitter: @IRAGuru4EdSlott
Contributing to a retirement account EARLY in your life and EARLY in the year can pay big dividends over the long run. How? The magic (well, not quite magic) of compound interest goes to work and increases its power with time, more time between opening a retirement account and needing the money and more time in a year to collect on the average rate of return.
Ed Slott and Company IRA Technical Consultant Jeffrey Levine uses some example formulas in the video below to illustrate compound interest’s power and how contributing early is the best way to take advantage of it.
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