By saving $200 a month for 20 years with an annual return of 6% (compounded monthly), you

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By saving $200 a month for 20 years with an annual return of 6% (compounded monthly), you would have saved approximately $92,408.18. If you decide to add the $20 a month savings from your auto insurance discount to your retirement savings, increasing your monthly savings to $220, and continue to earn an annual return of 6% (compounded monthly) for the same period, your retirement account would be worth approximately $101,649.00. The impact of saving an additional $20 a month over 20 years is quite significant, yielding an additional approximately $9,240.82 in your retirement account. This demonstrates the power of compound interest and how even small increases in your savings rate can lead to substantial growth over time due to the interest earning interest on itself. This is a compelling example of why it's beneficial to start saving as much as you can as early as possible and to look for opportunities to increase your savings rate over time