One of the biggest regrets for many retirement savers is that wished they had started saving earlier.
The key ingredient in compounding comes down to time. More importantly, the earlier you start saving for retirement, the less you have to put away each month to meet your goals. But when most people talk about starting earlier, the answers are usually in their early twenties or even at 18 when they got their first part-time job flipping burgers during their high school or college days.
How about age 16 or even 11?
The truth is, kids have an amazingly long compound timeline ahead of them and new rules allow them to start saving for retirement early on. With a little help from mom and dad, your kids could be well on their way to being multi-millionaires by the time they punch their last clock.
Make sure to check out our section on IRA to learn more.