Is the 32 cents a day retirement plan for real or is it a scam?

Answer 1

Any amount of savings put aside for retirement is a valid practice but anyone telling you that saving 32 cents a day will result in a financially secure retirement is wildly optimistic or delusional. Saving 32 cents a day for 40 years compounded annually at two percent results in a savings balance of only $9,071. At a compounded rate of 12 percent saving 32 cents a day for 40 years results in a nest egg of $100,347. While a retirement account of over $100 thousand is nice to have, very few people can consistently rack up returns of 12 percent a year and in most developed countries the amount saved would be far below that required for a comfortable retirement.