Do a co-worker a favor. Tell them about Savings Plus

"Here’s an opportunity for you to give to something valuable to someone you care about." Look at what Matt Wells had to say in our millennial video. "I started on with the department at 23 and I had a supervisor at the time that encouraged me to start saving. I started saving putting 5 percent away and I really didn’t notice the difference."

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Starting early matters. The average employee starts saving for retirement at 31.1 If those employees consistently save until they reach Social Security’s normal retirement age, they’d have about 35 years of asset accumulation and potential investment earnings at retirement. However, as this chart shows, if they start saving for retirement eight years sooner, or when they get their first job, they could accumulate significantly more assets for retirement income.

Starting to save at 23 vs. 31

6% rate of return with and without $50 annual automatic increase

A comparison of starting to save at 23 versus 31, assuming a 6% rate of return with and without $50 annual automatic increase. Starting at 23, without an increase, the amount could grow to $216,885. With an increase, it could grow to $1,539,349. Starting at 31, the amount could grow to $128,422. With an increase, it could grow to $844,610.

The example assumes a hypothetical 6% annual return and is based on monthly contributions. It's intended to illustrate the effects of time and compounding on investments. It is not intended to predict or project investment results and doesn't represent the actual performance of any investment or retirement plan program. This example does not reflect applicable fees or taxes. If these were included, the results would be lower. Investing involves market risk, including possible loss of principal. No investment strategy or program can guarantee a profit or avoid loss. Actual results will vary depending on your investment and market experience.

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1 Nationwide Participant Solutions Research Study (2017)