Savings and Retirement

Saving for the Future

Achieve financial security by saving and investing. Start by saving a portion of each paycheck. Use online and mobile banking to automate and track your savings. Plan, set goals, and reach them. 

Types of Savings

Short-Term: Save for a car or home down payment

Long-Term: Save for retirement

Emergency Fund: Essential for unexpected expenses like medical emergencies or car repairs 

Time and Compound Interest

Time: The longer you invest, the more your money grows. Short-term investments should be conservative to protect your principal, while long-term investments can take more risks. 

Compound Interest: Earn interest on your interest. It accelerates growth over time. Calculate compound interest to see how time and rate of return impact your savings. 

Rule of 72

Estimate how long it takes to double your money. Divide 72 by your annual rate of return. 

For example, at a 10% return, your investment doubles in 7.2 years. 

MUSC students may self-enroll in our Brightspace Financial Literacy Course to explore more on an emergency fund, retirement, and sinking funds.