Here’s a retirement scenario you’ll want to sink your teeth into, especially if you’re still a “youngster.” A 21-year-old who invests $2,000 per year for only ten years ($20,000 in total contributions) at an average annual return of 9% will have more than $620,000 at age 65, even if he doesn’t contribute another dime after he turns 30.

On the other hand, an investor who contributes the same $2,000 per year, but who starts contributing at age 31, and makes contributions over a 35-year period ($70,000 in total contributions) will have only $431,422 at age 65.

Moral:  The keys to financial independence include an early start.  Don’t put off retirement investments until a few years down the road when you can afford it “without sacrificing.”