First off, I want to warn everyone I was an English Major in University and am not allowed near calculators as a rule of thumb. J/K!I have been running some numbers for my RRSP, which I believe equates roughly to a 401(k) although I won't swear to it. The problem is, I've totally confused myself (not a stretch at the best of times ;)! I have just read the Wealthy Barber, and am trying to commit myself to socking away 10% of my pay. I figure I have 30 years to retirement and 10% of my pay is roughly $645 a month. Now if my numbers are right, putting the $645 away a month with an interest rate of 5% compounded annually means I will have a million dollars in just over ten years. This takes in to account the fact that the money invested is tax-free and so is any interest generated from the money. What am I missing?I realize that this should probably go on the retirement board but I feel more comfortable talking to you guys when I am being a bonehead.
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