Saving for income in retirement can be a daunting thought for most people. The problem they face is that they simply don’t know how much they need to save between now and retirement.
In this article we consider the time value of money, and in particular, the benefits to be enjoyed from “compound growth”.
The Rule of 72 is a great way to help plan for the future. It is a quick and easy method for calculating the impact that growth and inflation can have on your money and other investments.
The rule can be applied to investments where the investor is enjoying compound growth. Compound growth, in its simplest terms applies in cases were “money makes money”.
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