Health

This chart should convince every teen to start saving for retirement

millennials vs exponentialsAndy Kiersz/Business Insider

The money you contribute to Roth IRA grows tax free. 
That makes it a great option for young people whose earnings are taxed very little now.
If you start saving in a Roth IRA at age 15 rather than 25, you can double your savings by retirement with no extra work.

If you remember your first summer job, you may also recall how you liked to spend your paycheck. A shopping spree, beach trip, or new gadget, perhaps?

But if you’d put that hard-earned cash into a retirement account instead and let it gather interest through the years, you’d be high-fiving your 15-year-old self all the way to the bank.See the rest of the story at Business Insider

NOW WATCH: How this couple saved enough to pay for their own wedding while living in New York City

See Also:

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SEE ALSO: A mom of 3 who’s written about finance for nearly 30 years explains why you shouldn’t pay your kids for household chores

DON’T MISS: Millennials expect more than half of their retirement money to come from personal means — but 42% haven’t even started saving yet


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