Increasing your contribution by even 1% can add up
You may have heard small increases to your retirement plan contribution won’t make a difference. The reality is, increasing your contribution over time can make a big difference later with little impact to your paycheck.
Let's look at the difference a 1% increase can make for an investor.
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Illustration assumes bi-weekly deferrals accumulated at 7% for 30 years. This example is only an illustration and isn’t intended to reflect the return of any actual investment. Investments don’t typically grow at an even rate of return and may even lose money. The effect of taxes and costs of investing have not been reflected.