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Dice Financial Services Group

1716 N. Sanborn Blvd, PO Box 790

Mitchell, SD 57301

 

Phone:     605-996-7171

Toll Free: 800-658-3603

 

Website: www.dicefinancial.com

January/February 2020

Time Matters

Time Matters

Following are three hypothetical examples that demonstrate how money compounds over time.*


Great Start
Melissa contributes $200 per month to her company 401(k) plan. After 10 years, her money has grown to about $32,881. She never contributes another dime, but after another 30 years, her balance has grown to $198,889.


Plan Interrupted
Jake also contributes $200 per month, but only for five years to build a $13,993 balance. He gets married and stops retirement plan contributions for the next 30 years. Even so, his balance grows to $84,640. He then restarts contributions for another five years before retiring, when his account will have grown to $128,242.


Late Start
Anthony is 57 and has never contributed to a retirement plan. He begins contributing $200 per month and 10 years later, at age 67, his balance will only amount to $32,881. If he doubles his contributions, he will still only have $65,762 after 10 years.


*Each example, courtesy of investor.gov, is based on earnings of 6% compounded daily. It is not representative of any specific investment strategy or combination of investment strategies. Actual results may vary.


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