Early start brings BIG returns.

If you put just $38.46 a week into an IRA between age 21 and age 35, then stop, your investment will grow to $185,234 by age 65.

That's assuming a mere five percent dividend rate. With a higher rate, the end result will be greater.

If you think you're too young to start saving for retirement, we have three words for you: Tax-deferred compounding. It's the power you have to save a lot of money for your future by opening an Individual Retirement Account (IRA).

Tax-deferred means you don't pay taxes on earnings until you withdraw them. Compounding means that, over time, you earn dividends not only on the principal amount you invest, but also on your accumulated earnings. The earlier you start saving, the more your money can grow.

Investing $2,000 a year from age 21 to 35 will cost $30,000 and result in $185,234 at age 65. If you decide to invest $2,000 a year from age 36 to 65, the total investment will be $60,000, while the return at five percent will be only $139,104.

If you are a young person, don't wait. Start investing in your IRA now. If you are the parent of a young person, pass the good word along.

Don't let the power of tax-deferred compounding slip away from you.

You are probably spooked by the stock market right now. Asking and wondering what should you do in these turbulent times.

Will stock prices go up? Will they go down ... a lot? What should you do to protect your savings?

Here are a few modest proposals from financial planners:

1. If the stock market really worries you, stop buying stocks. Don't sell what you have, but put new money into bonds and cash. Selling now could result in a big tax bill.

Even if you are involved in a retirement plan where no taxes are due if you sell stocks, it's better to hold onto shares you already have. They could rise.

2. Use your money to pay off debts instead of investing it at all. Start with credit card debt that could be costing as much as 18 percent. After that, pay off whatever loan you have with the next-highest interest rate.

3. If you know you will have to cash in stocks soon (as part of a retirement program, for example) sell now. Put the money in short-term bonds or cash investments.

Similarly, if your kids' college money is in stock, and they will be attending in the next few years, financial planners recommend selling now and placing the money into safe, short-term investments.

4. You could also automate your investment program. Have a certain amount taken from your bank account each month and put directly into a mutual fund. Even if you are spooked by the Dow Jones, you will have money growing that you can invest in individual stocks later on should you wish to do so.