Save This Much to Retire a Millionaire

March 7th, 2007  |  Published in Investing

Need to know how much to save in order to retire a millionaire at the age of 65? Kiplingers has a whole slew of numbers to give you some confidence that you’re either on the right track or not that far away. The only assumptions they make are that you earn 8% annually on your money and that you don’t bet it all on black when you’re 64 and 11 months (okay, I may have made that last one up).

If you’re 25, to get to a cool million it only takes $286 a month. If you start at 35, you’ll need $671 a month to get to a million. At 45, you have a little tougher going but you’ll need $1,698 per month. If you’re 55, have nothing saved, you’ll need $5,466 saved per month in order to reach a million in ten years.

Some of the advice they give is pretty standard, such as contributing to a 401K if your employer offers a match, work a couple years longer past the traditional 65 retirement age, and contribute the max to your retirement accounts.

Source: Kiplingers

  

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