Nolan Accounting Center


4262 South 108th Street, Greenfield, WI 53228


Phone: 414-425-5690

Fax:     414-425-2373


March 2019

Turbo-Charge Retirement Savings

If you aren’t saving enough for the future, the simplest way to increase your retirement plan balance is to increase contributions by 1%. If you’re considering deferring 3% of a $50,000 salary, you would contribute $1,500 annually. Over 20 years at 6% compounded daily, your 3% contribution, which is $125 monthly, would have grown from zero to $57,994.74.

Now increase your savings from 3% to 4% of $50,000, about $167 per month. A $42 dollar monthly increase will grow your balance to $77,481 — an almost $20,000 increase. Add another 1% or increase your timeframe and you’ll see similarly significant results.

For example, 4% over 30 years using the same criteria would grow your account to $168,628.

Try it yourself by clicking on the compound interest calculator at or, better yet, talk to a financial professional to learn more.


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