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Here is the story of the rabbit, the turtle, and the famous race to retirement they both
made. The race to retirement began at different times of their journey, and the finish was
quite different. Mr. Rabbit, by his very nature, was always in a hurry and fast at
everything he did. He was very competitive and won all his races in life. Mr. Turtle on
the other hand was very slow, careful with every action and most certainly not in a hurry
to get things done; but he knew that being patient would help him reach his goal
eventually.

One bright sunny day, Mr. Turtle made a careful bet with his friend
Mr. Rabbit by issuing a challenge- He told Mr. Rabbit that he would
race him to retirement and win!Mr. Rabbit was very amused since he
knew that he would certainly win any race that came before him. In fact,
he was so confident, that he said he would give Mr. Turtle a
head start and still beat him by a long shot.

Mr. Turtle and Mr. Rabbit are the same age and in the same financial situation.
When Mr. Turtle was 21 he began saving $2,000 a year at 8% interest, compounded
annually that was placed into a Roth IRA. Ten years later, he stopped saving and
actually took a break from the race. However, his $20,000 continued to earn 8% annual
compound interest until he retired at age 65. Mr. Rabbit, on the other hand, waited to
begin the race late. He said to himself: “I am so confident and I am so much faster than
Mr. Turtle that I don’t even need to start now, because I’ll always catch Mr. Turtle in
the end. Following this plan, Mr. Rabbit waited until he was 31 years old to start saving
for retirement. Then, for the next thirty-five years he deposited $2,000 a year into a Roth
IRA. His savings earned the same 8% interest, compounded annually.

Which one had more money saved at age

65? Mr. Rabbit, who diligently saved

$70,000

or Mr. Turtle, who put away only

$20,000?

The following end result of our numbers

over time show how the race ended.

Value at 65 for Mr. Turtle $462,648

Value at 65 for Mr. Rabbit $372,204

Although Mr. Rabbit saved almost 3 1/2%

times as much as Mr. Turtle, he lost the

race

with $90,444 less for retirement. Mr.

Rabbit just couldn’t keep up because he

lost 10

years of savings growth.

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Excessive Violence
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"The Turtle and Rabbit's Road to Savings"

VSCstudents

The story of the rabbit and the turtle's race to retirement. Mr. Turtle, who started saving early, ended up with more money than Mr. Rabbit, who started late.

(12 pages)

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