How's this for a statistic: you could score over $1 million by age 62 if you start investing $5,000 a year into the stock market at age 22.
That's assuming a 7% annual return, a rather conservative estimate.
If you wait ten years to invest and start putting a way $5,000 at age 32, you'll only have $500,000.
This is why it's so important to start saving for retirement early on. If you don't start investing early on, you'll have to start the next Facebook (FB) - Get Facebook, Inc. Class A Report or win the lottery to become a millionaire.
For help, TheStreet is hosting a 1-hour video webinar on this very topic. Investing Strategies for Millennials airs at 2pm on April 18th.