Consistency can go a long way when it comes to saving for retirement.
An extra $1,000 per month from now until you retire can make you a millionaire — if you start investing early.
CNBC crunched the numbers, and we can tell you how much investing an extra $1,000 per month now will equal when you are ready to call it quits.
Just a few things to remember: These numbers assume you put the money in a retirement account, you get a 4% return on your investments and that you retire at age 67. Check out this video for a full breakdown of how big your savings will grow over time and to see what age you would need to start investing to get to $1 million.
Here’s a case study:
A 20-year-old would end up investing $564,000 over their career, and the total would grow to more than $1.6 million by the time he or she retires. Starting younger lets you take advantage of the power of compound interest. That means you get returns on the money you invest, and even better, returns on your returns.
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.