How to turn $2975 a year into $240,000 by retirement
Making pre-tax contributions when you’re younger can reap significant dividends, but you need to be sure you don’t need that money earlier.
Lucy DeanWealth reporter
A 30-year-old worker earning $150,000 who salary sacrificed $5000 every year would be $240,000 better off by retirement, while only taking a $2975 hit to their annual take-home pay.
The kicker, however, is they need to be willing to lock that money away at a time when they are likely to need it most, financial advisers say.
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