Thinking into the future

Time is on your side for retirement savings

When a close friend landed his first job out of college, he knew saving for retirement would be good, but first he wanted to focus on his student loans. I told him to reconsider, because even though paying off loans is important, young adults especially stand to benefit from making regular contributions into a 401(k) or other retirement plan.

  • Time is on our side. If you add $200 a month to a retirement account when you start a job at 22, within 10 years you could have savings of about $37,000, and by age 67, your nest egg could be worth almost $1 million (assuming your investments grow at 8 percent per year)!* Many employers will match your contributions, which can help you reach $200 a month.
  • Roth 401(k)s and Roth IRAs can be great for young investors. With Roth contributions, you pay taxes on that money before you put it in the retirement account. But after you turn 59½, your earnings from and contributions to the account are tax-free. Now imagine retiring on that nest egg, tax-free!
  • Target date portfolios make retirement investments simple. A financial advisor can build these into your savings, starting you with more aggressive investments when you’re young. As you get older, your savings automatically shift into investments with the appropriate risk for your life stage, helping protect the savings accrued.

Another way to bolster your savings is to increase your contribution by half a percent every year. You won’t notice the difference in your paycheck, but your contributions will accumulate faster.

Chad Campbell is a Financial Advisor in the Direct region of Everence. Learn more about Chad at (search with Find your representative).

*Using the Everence Savings Calculator

What’s your plan?

Retirement may be in the distant future, but thinking about it now will only benefit you. Even saving a little bit each month throughout your working years will help your savings accumulate.

Everence financial advisors can help you understand retirement savings, investing and what will work best for you and your life goals. Talk to your Everence financial advisor today or search for the nearest advisor at

Chad Campbell


Chad Campbell
Financial Advisor


Hypothetical results are for illustrative purposes only and are not intended to represent the past or future performance or any specific investment. Philosophy of compounding does not guarantee profit or prevent loss. Investment return and principal value will fluctuate and when redeemed, the investment may be worth more or less than its original cost. Results assume no withdrawals and reinvestment of all interest and dividends.

Securities offered through ProEquities Inc., a registered broker-dealer, member FINRA and SIPC. Advisory Services offered through Everence Trust Company, a Registered Investment Advisor. Investments and other products are not NCUA or otherwise federally insured, may involve loss of principal and have no credit union guarantee. Everence entities are independent from ProEquities Inc.

Chad L. Campbell is licensed to discuss with and/or offer financial services to residents of Illinois and Indiana.