Transcript for Slow and Steady Is Key to Retirement Savings
take a bit of a hit this week, a simple way from the real money team to save you a lot of money this year. Experts say there's something you can do starting tonight that can save you $1,000 by years end. Do you buy it? Here's ABC's Rebecca Jarvis. Reporter: Baby Anthony gets most of his parents' attention and love, he is getting all of their money. Anything I get, I put towards the baby. Reporter: Which means they haven't been saving much for the future. Have you thought about your own retirement savings? Not at all. Reporter: To help them get started on that nest egg, we brought in personal finance expert Lauren young. Hi! Reporter: Her first tip, start small. Apps like acorns automatically round up your credit or debit card purchases and bank the charge in a savings account. Spend $1.50 on a coffee and it will deposit 50 cents into retirement savings. If you set aside just $5 every couple of days, you would have set aside over a thousand dollars in a year. Ready? Reporter: Watch as we put it to the test with Gina. In just one shopping trip, she's added $3 to retirement savings without ever giving it a second thought. Thank you. Reporter: Tip two -- turn your phone into a financial adviser. Apps like betterment and wealthfront can help you invest your money in low fee funds. 15 years from now, we're looking at some serious money. That would be good. Reporter: Finally, starterly. At a 7% growth rate, if the Stevens inveps $1,000 a year, they'll have saved nearly $215,000 by the time they're 65. That nest egg, growing as fast as baby Anthony. Starterly. Historically if you invested in the stock market for 20 years, only average, you'd make 7% each year, so, don't let the current ups and downs scare you away from securing that official future. The bottom line, start saving today. I love it. Little steps every step of the way. Reporter: Baby steps.
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