A recent CNN/Opinion Research poll of American taxpayers found that 32% of respondents will save their tax rebate, 41% will use the windfall to pay bills, 3% will contribute the money to charity, and only 21% of those polled plan to spend the money.

Checks should range from $300 to $1,200 and even more if you have kids under age 17. For the full details of the tax rebate, visit the Kiplinger Tax Rebate page.

Whether you plan to spend or save, consider the value of a $1,000 investment today, earning 8% annually over 10, 20, 30, 40, and 50 years. Your $1,000 investment would be worth $2,200, $4,927, $10,936, $24,273, and $53,878 respectively.

Looking at how the numbers grow, it is easy to understand how saving early and often makes sense and is perhaps the only sure route to building a sufficient nest egg for your golden years.