A young client told me that she wanted to have a million dollars by the time she retired. In her mid-twenties, she has time on her side. By socking away $5,000 every year until she retires, she’ll hit her goal (assuming a 7% annual return). See the blue line.
It would be a much different story if she came to me ten years from now (see the green line).
Bottom line: Start saving early.