The importance of saving now

It's worth repeating: start saving now. Here's an illustration from LearnVest:

If you contributed to a Roth IRA every year starting at age 20, you could retire as a millionaire! Here’s why time is your biggest asset: 

Chelsea and Katie both put in $24,000 over the years, but Chelsea began putting in money ($50 per month) at age 25 while Katie began saving ($100 per month) at age 45. Even though they both put in the same total amount, by the time they reach age 65, you can see that Chelsea will have almost twice as much money to retire with as Katie. Thanks to compounding interest, Chelsea’s savings have earned more interest on interest over time than Katie’s.