Compound interest has been called the “Eighth Wonder of the World.” It’s interest earned on interest over a long period of time. That can allow a seemingly small amount of money to grow substantially over many years. For instance, let’s say you have $5,000 saved by the time you’re 25. If you let that money compound at a 7 percent annual rate of return, it will be worth more than $81,000 by the time you retire at 65. That’s compound interest.
Use our compound interest calculator to see what kind of savings growth you could achieve over time. Then, when you’re ready to work on your financial plan, one of our financial advisors can help you see how all the pieces of your financial life fit together and help you reach your financial goals.
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