The concepts discussed so far can be combined to determine what decisions we need to make to invest. The tables below illustrate compound interest and simple interest in terms of money, depositing an initial investment of €1,000. The compound interest table is bolder.
Example 1: Compound Interest versus Simple Interest :
The compound interest table shows the interest that would be earned after a period of 10 years with an initial investment of €1000, at a compound interest rate of 5%. Apart from the initial investment, savings can accumulate with any monthly or yearly deposits, with any initial deposit and can start at any age. Imagine, therefore, how much more our investment can increase by the time we retire if we start saving at an early age and if there will be consistent investments.

Other reference tools to explore on the subject:
https://www.youtube.com/watch?v=immQX0RKFY0
https://www.youtube.com/watch?v=wf91rEGw88Q
This online calculator demonstrates how to put this compound interest savings strategy to work for you to accumulate wealth. https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/compound-interest-calculator.

http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php
The online calculator gives you the opportunity to key the desired initial amount to be invested, the annual interest rate being offered by the provider, years to save, as well as any additional savings. The latter need to be calculated as monthly instalments. The amounts can be keyed in, in Euros.
Determination, no delays or postponement, and consistency are three components leading to an easy accumulation of wealth for your retirement nest egg. In addition, you have to be smart, you have to check out for different interest rates offered by well-established banks, and find the one that will give you the highest interest rate. Alternatively you can look at personal pension schemes provided by financial service providers. Such schemes provide you with further incentives like tax rebates simply because you started saving for your retirement.
Therefore, three steps need to be followed
(1) The amount of money you can really manage to put aside for long term use,
(2) The bank which offers the highest interest rates,
(3) Organising your deposits via a standing order where money is automatically deposited into your long term savings account on particular days.