I just stumbled upon this interesting nugget. All things being equal, a 19 year old who contributes $2,000 per year for JUST 7 years will have more money at age 65 than a 26 year old who made $2,000 contributions each year until age 65.
Talk about the magic of compounding interest. Too bad, most 20-somethings won’t realize this until it’s too late.
For details, read: Investment Advice for Gen Y