If you, like 55 million other people in the US, have embraced your role in the gig economy, you may have noticed how tough it is to save for retirement.
Without a company automatically pulling money from your paycheck, it’s easy to put it off for another time. Enter the IRA.
By putting away the maximum contribution of $5,500 per year for 20 years, you will have saved $110,000 – thanks to the magic of compound interest, you could have an extra $20,000. That number comes from an assumed 5% rate of return on $333 monthly contributions over 20 years. Play with the numbers on this extremely useful calculator yourself to see what you could stand to earn.
Investing in your future is a good thing, that’s a no brainer. But where do you put that money? We’ve recently introduced Impact IRAs to our line of products to make the decision a little simpler. Save for your future self and invest in companies creating good in the world – the true marriage of purpose and profit.