Wednesday, October 4, 2023
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home Retirement

How to 10X Your Retirement Savings While Barely Lifting a Finger

MtR by MtR
August 10, 2022
in Retirement
0
How to 10X Your Retirement Savings While Barely Lifting a Finger


Saving for retirement isn’t easy, especially during tough economic times. With a recession potentially on the horizon, many workers are focused on simply making ends meet.

It’s easier than you might think, though, to grow your retirement savings. Even if you can’t afford to save much, it’s possible to build a robust nest egg with little to no effort. Here’s how.

Three people sitting at a table looking at documents and a tablet.

Image source: Getty Images.

Take advantage of compound earnings

One of the most effective ways to grow your savings is to invest your money, rather than simply saving it. Even the best savings accounts only have interest rates of 1% to 2%, while the S&P 500 has historically averaged returns of around 10% per year.

Related articles

Are You Funding Your Parents’ Retirement? 5 Ways To Get Prepared

Are You Funding Your Parents’ Retirement? 5 Ways To Get Prepared

October 4, 2023
Drake Trolls Miami Crowd With Retirement Pump-Fake

Drake Trolls Miami Crowd With Retirement Pump-Fake

October 4, 2023

Even if you only invest a small amount, those earnings will compound over time — meaning your savings will grow exponentially with very little effort on your part.

For example, say you have $1,000 to invest right now, and your investments are earning a 10% average annual rate of return. Assuming you make no additional contributions, you’d have around $10,800 after 25 years. In other words, your savings will have grown by more than 10 times without you having to lift a finger.

If you’re able to invest a little each month, you could earn substantially more. Say, for instance, you invest the initial $1,000, but you also invest an additional $100 per month. Assuming you’re still earning an average 10% annual rate of return, here’s how much you could accumulate over time:

Number of YearsTotal Savings
10$21,700
20$75,500
30$214,800
40$576,400

Data source: Calculations by author via Investor.gov.

You don’t need to invest thousands of dollars per month to build a robust retirement fund. Small investments add up over time, and by sticking to your strategy and investing consistently, you’ll be well on your way to creating a healthy nest egg.

Maximize your savings

Investing a little each month will go a long way, but to earn as much as possible in the stock market, there are a few things to keep in mind. 

  • Keep a long-term outlook: Building wealth in the stock market takes time, and it’s nearly impossible to make a lot of money overnight. The more time you give your money to grow, the faster it will accumulate.
  • Try to ignore short-term volatility: It can be difficult to invest when the market is volatile and the economy is sinking, but, again, investing is playing the long game. The stock market has recovered from countless downturns, and it will bounce back from this one, too. Try your best to ignore daily market fluctuations and stay focused on the future.
  • Avoid withdrawing your money: It can be tempting to view your retirement fund as a big savings account, but every time you tap your investments, you’re making it harder for your money to grow — and possibly incurring penalty fees and taxes. When you invest, aim to leave your money in the stock market for at least several years, if not decades.

Saving for retirement is tough, especially in the current economic climate. But small efforts can go a long way. By investing just a little each month, it can add up to more than you might think.





Source link

Related Posts

Are You Funding Your Parents’ Retirement? 5 Ways To Get Prepared

Are You Funding Your Parents’ Retirement? 5 Ways To Get Prepared

by MtR
October 4, 2023
0

America’s population is aging. At the same time, young adults are striving for financial independence. Caught between baby boomers —...

Drake Trolls Miami Crowd With Retirement Pump-Fake

Drake Trolls Miami Crowd With Retirement Pump-Fake

by MtR
October 4, 2023
0

Drake had jokes for the Miami stop of his It’s All A Blur Tour – telling the crowd he was...

Retirement villages — a no-brainer we haven’t got our heads around 

Retirement villages — a no-brainer we haven’t got our heads around 

by MtR
October 4, 2023
0

Pat O’Mahony was in Melbourne, visiting his daughter after she gave birth to twins. In the week the two girls...

LGBTQ+ Americans feel they are just getting by in retirement and face greater financial risks

LGBTQ+ Americans feel they are just getting by in retirement and face greater financial risks

by MtR
October 3, 2023
0

While preparing for retirement can be difficult for anyone, LGBTQ+ Americans face unique challenges that can cast a shadow over...

Athletic Director Lonnie Folks Announces Retirement: A Legacy of Impact and Growth

Athletic Director Lonnie Folks Announces Retirement: A Legacy of Impact and Growth

by MtR
October 3, 2023
0

Folks leaves behind a rich tradition of merit, camaraderie, and a stronger, united Maryville family The Maryville University community announces...

Load More
  • Trending
  • Comments
  • Latest
Bank of England tells ministers to intervene on digital currency ‘programming’

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021
Tips for checking smoke alarms during daylight saving time

Tips for checking smoke alarms during daylight saving time

March 12, 2022
GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021
What will Durham County education bonds pay for? A full list

What will Durham County education bonds pay for? A full list

July 8, 2022
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0
Interest in office conversion grows while Edmonton market is stable

Interest in office conversion grows while Edmonton market is stable

October 4, 2023
World’s biggest bond markets hit by relentless selling

World’s biggest bond markets hit by relentless selling

October 4, 2023
Taylor Swift Economy Is Bad News for Bonds

Taylor Swift Economy Is Bad News for Bonds

October 4, 2023
How birds hover in flight is inspiring the next generation of energy-saving drones

How birds hover in flight is inspiring the next generation of energy-saving drones

October 4, 2023

Recent News

Interest in office conversion grows while Edmonton market is stable

Interest in office conversion grows while Edmonton market is stable

October 4, 2023
World’s biggest bond markets hit by relentless selling

World’s biggest bond markets hit by relentless selling

October 4, 2023
Taylor Swift Economy Is Bad News for Bonds

Taylor Swift Economy Is Bad News for Bonds

October 4, 2023

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter