You want to retire some day and you would like to have 1 million dollars to do it. Here are some calculations of what it would take at ages 25, 35, 45 and 55 from Kiplingers Magazine.

If you start saving $286 per month at age 25, assuming an 8% average annual return, you will have $1 million by age 65. Having forty years to work with is helpful.

If your 35 and you want to reach one million by age 65 you need to save $671 per month.

If you have no savings at 45, you’ll need to accumulate $1,698 in your portfolio every month to meet this goal. If you have $50,000 set aside for retirement, your monthly contribution will be only $1,298. With $100,000, a 45 year old can likely start retirement with $1 million by saving $861 per month.

If you have no savings at age 55 then it would take $5,466 per month to reach 1 million.

Obviously, reaching this goal is more difficult the later you start. Why wait that long start as soon as you can.

See Kiplingers full article here:

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