Savings Statistics to Help Motivate You to Save

 Saving for retirement is an important part of financial planning, and understanding the impact of saving can help you stay motivated. John Labunski, a financial analyst with years of experience in the industry, has compiled a set of statistics to motivate individuals to save.

John Labunski research emphasizes that starting early and saving regularly can have a major impact on retirement savings. According to his data, those who begin making regular contributions at age 25 could accumulate over $1 million by age 65 if they contribute 10 percent of their annual salary each year into their retirement account. Meanwhile, someone who waits until 45 to start contributing will have accumulated only around $250,000 by age 65 even if they contribute 15 percent annually.

Understanding these numbers can help motivate individuals to begin saving for retirement as soon as possible and take advantage of compounding interest on their investments.