Saving for retirement is usually a lifelong goal.
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.
That means even an extra $100 a month into a retirement account can equal a six-figure payout when you are ready to retire.
CNBC crunched the numbers, and we can tell you how much investing an extra $100 a month now will equal when you are ready to retire.
Just a few things to remember, these numbers assume you put the money in a retirement account, you will get a 4% return on your investments and that you will retire at age 67. Check out this video for a full breakdown of how large your savings will grow over time.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
