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Convincing young clients to save earlier

This article is intended for you to share with your young clients to help them see the long-term financial picture for American workers. It could be titled “This Is Your Life,” and it goes like this …

  • You start working at age 25 making $35,000. (Hopefully, you will actually make more at the start, but that figure is not unrealistic for some 25-year-olds, so let’s go with that for now.)

  • Your income increases 2.5% each year during your working career.

  • When you retire around age 70, your final salary is roughly $103,000 a year.

  • During your 45-year working career, you will earn about $2.85 million — hopefully more.

If you saved 10% of your annual income during your 45-year working career and earned zero interest on your saving, you will have around $285,000.

But if you save 10% of your salary and experience a 6% average annual return in your investment portfolio, your account value at the start of retirement at age 70 will be around $1,072,671. This is a slow and steady “crockpot” approach.


The idea is very simple. Preparing a meal in a crockpot takes advance planning. You need to start cooking hours in advance because the crockpot works slowly. But the effort is minimal. Toss the ingredients in the crockpot and then let time do the work.

Conversely, if you wait until the last minute, a microwave can be used to prepare a meal. But the outcome is hardly the same. A roast that does not fare well in a microwave is fabulous coming out of a crockpot after six hours.

Is this all too simple? Can you actually pull off this prosperous retirement despite having minimal investment expertise and without spending a lot of hours on your portfolio?

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