Start saving early for retirement

- Let me tell you about the investment program…my wife Ramona and I have established…for our 11 grandchildren.…When each grandchild is born,…we set up a savings account for her or him.…We start with $3,000,…and then we add $100 each month.…Now you may be asking,…"Well, what about your children?…"Do you have an investment program set up for them?"…Yes, but that brings up kind of an uncomfortable issue.…You see, with all of the grandchildren,…we start this when they're born.…And with our two youngest daughters,…we also started when they were born.…

But we have five older children.…Ramona and I didn't start this investment program…with our children until our oldest child was 15 years old.…And the starting age,…makes a substantial difference in how much accumulates…in the savings fund.…Let's say that we do this until the children are age 25,…and the average investment return is 10%.…If you wait and start at age 15,…the amount saved by age 25 is about $29,000.…If you start at birth,…the amount at age 25 is $169,000.…That's an extra $140,000.…