Art Ohrtman, a financial planner, for Oppenheimer, there is one way in which someone can increase their retirement funds far beyond what they need for a comfortable retirement (personal communication, November 26, 2001).A. The key is dedication and the earlier you start, the better off you are. 1. Set up a retirement account such as an IRA. 2. Find an IRA plan that has at least an 8% return rate. 3. Add $100 dollars every month into this account 4. At age 45, stop adding money to this account.5. By the time you have retired, you will have made about 1.2 million dollars. B. This is called compounding, the more time you give your investment to grow, the bigger it will get. C. With the earnings you make, you will be able to pay for your child's education. You can even start saving now to pay for a future child. [Social Security is unreliable, with its low return rates and unpredictability, to the point where you must look elsewhere for a comfortable retirement. With an IRA plan you have a low risk way of making money so that you may one day achieve what you consider the American dream to be. There is one thing I can recommend that will help you with that dream.]Conclusion of SpeechI. Whenever your retirement will be, starting to save now will have enormous benefits in the long run. 1. So do not start next year, do not start next month, start now....
