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For individuals younger than 40, the prospect of investing $500 a month becomes even more attractive. A 33-year-old, for example, could see their contributions balloon to around $616,000 by age 60, thanks to an additional seven years of compounding growth.
The most staggering potential is reserved for those who begin this investment strategy at 25. By consistently saving $500 each month until they reach 60, individuals could amass around $1.3 million. This amount opens the door to a monthly withdrawal of approximately $3,595, a figure that can provide a comfortable lifestyle even amidst expected inflation.