Do you put off saving for retirement because it’s so far away? That’s exactly the reason you should start saving now! When it comes to a retirement savings plan, your biggest ally is time.

For example, suppose you put away $100 a month starting at age 30. By the time you’re 65, you’ll have contributed a total of $42,000. Thanks to the magic of compounding, that contribution will have grown to $133,722 by the time you retire, assuming a 6% annual rate of return.

Now, suppose you wait five years. Your investment will be $6,000 less — and your nest egg will be $38,852 less. Wait 10 years, and your procrastination will mean you end up with just $65,837, or less than half.

On the other hand, imagine you start when you are 25: you’ll have a whopping $185,714!

See for yourself how much of a difference starting now can make. The RSP Savings Calculator makes it fun to crunch the numbers.