The Millionaire Path Can Feel Slow 🐢 Until Compound Interest Takes Over

At the time our daughter was born, we had around $20,000 in retirement savings combined.

At 30 years old, we were well behind the average 401k balance of a typical investor.

As the saying goes, “the best day to start investing was yesterday and the second-best day is today.”

Knowing our retirement balances were a bit behind and investing with time on your side surely helps, we got to work right away.

Here is a quick summary of our retirement balances year-over-year:

2012: $20,000
2013: $42,000
2014: $64,000
2015: $99,000
2016: $121,000
2017: $167,000
2018: $232,000
2019: $253,000
2020: $327,000
2021: $420,000
2022: $480,000
2023: $440,000
2024: $570,000

After creating an automated process for our retirement investments, we were feeling good about our progress thus far.

It was fun to track that progress and see if we were on track for a comfortable retirement.

Empower's free Retirement Planner makes this check-in process easy.

We have all of our financial accounts synched up to the free tool, and it can run different models to show us how we’re doing.

It even factors in potential social security payments as well.

How are your retirement plans tracking?

Will you have enough to retire?

After all, we can't change the past, but we can take control of our future.

[EndlessFridaysWithNina]

Love this!! And so true! Compound interest has set me up well for early retirement.

[Asstronauts]

That's not compounding that's additional deposits doing most of the work