You've Saved: 0$
To reach one million by age 65 you need to save $1,698 per month. (This assumes an 8% annual return, invested in stocks.)
If You've Saved: $50,000
To reach one million by age 65 you need to save $1298 per month.
If You've Saved: $100,000
To reach one million by age 65 you need to save $861 per month.
Successful Savings Strategies
You may be juggling the needs of a growing family and aging parents, but don't take a break from retirement savings.
You can contribute up to $16,500 to a 401(k) or similar workplace-based retirement plan this year or $5,000 to an IRA. Roll over retirement savings from previous jobs into an IRA.
Adjust your asset allocation to 80% stocks and 20% bonds.
Your kids can get grants or loans for collegee, but there's no financial aid for your retirement. Don't put your kids' college costs ahead of retirement.
Have more retirement questions? Find the answers at Jumpstart Your Retirement.