Have you been thinking about going back to school for a master’s degree? You’re not alone. According to a recent survey, nearly 60% of Americans say they’ve considered returning to school at some point in their lives. It’s likely that you’re considering going back to school too. If you’re on the fence about whether or not going back to school is right for you, consider the following three reasons.

1. To Advance Your Career

One of the biggest reasons people go back to school is because they want to advance their careers in some way. Whether that is getting a raise or a promotion, or going back to school, you may need a grad degree. If you’re looking to give your career a boost, going back to school can be a great way to do it.

Whether you want to earn a promotion at your current job or land a new job altogether, having a higher education can make a big difference. In fact, according to the Bureau of Labor Statistics, workers with a bachelor’s degree earn an average of $1,173 per week—nearly double what workers with only a high school diploma earn.

2. To Make More Money

In addition to advancing your career, going back to school can also help you increase your earnings potential. As we mentioned above, workers with a bachelor’s degree earn, on average, nearly double what workers with only a high school diploma earn. And it’s not just workers with bachelor’s degrees who stand to benefit financially from higher education. Workers with master’s degrees and doctorates earn even more.

The median weekly earnings for workers with master’s degrees are $1,401, while the median weekly earnings for workers with doctorates are $1,623. Some degrees will only help with specific jobs. For example, a degree in biology would likely only help a marketer make more money if they are working in the biology industry. 

3. To Get a Head Start on Your Retirement Savings

One of the most important things you can do for your future is to start saving for retirement as early as possible. The sooner you start saving, the more time your money has to grow. And if you’re thinking about going back to school later in life, it’s never too late to start saving. In fact, according to Fidelity Investments, people who start saving for retirement at age 35 need to save about 15% of their income each year in order to retire comfortably. But if you wait until age 45 to start saving, you’ll need to save about 30% of your income each year—nearly double what you would have needed had you started 10 years earlier.

There are lots of things to consider when deciding whether or not going back to school is right for you. But if you’re looking to give your career a boost or increase your earnings potential, going back may be worth it. Just remember that if you do decide to go back later in life, it’s never too late to save for retirement—the sooner you start saving, the better off you’ll be down the road.