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Compound interest, the eighth wonder of the world - USA Today
Most Americans think that to retire comfortably, you will need $1.5 million dollars in retirement savings. That figure is daunting for most individuals when the average annual salary across the U.S. is approximately $59,428. To reach that goal, you would need to save on average $1,140 per month. But what if you just aim at $100,000? The late Charles Munger stated at Berkshire Hathaway’s annual meeting: “If you have a standing start at zero, getting together $100,000 is a long struggle for most people.” But once people achieve that milestone, they can breathe a little easier. The reason lies in compound interest.” Medora Lee, writing for USA Today, explains you can save less and still retire comfortably. Read Ms. Lee’s article here…
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