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YOUR RETIREMENT

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PLAN, SAVE & MAKE YOUR MONEY LAST

Home > Your Retirement > Magazine

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YOUR RETIREMENT
How to Make a Million at 55
Seven-figure savings strategies for fifty-somethings.

You've Saved: 0$

To reach one million by age 65 you need to save $5,466 per month.


If You've Saved: $50,000

To reach one million by age 65 you need to save $4,859 per month.


If You've Saved: $100,000

To reach one million by age 65 you need to save $4,253 per month.


If You've Saved: $200,000

To reach one million by age 65 you need to save $3,040 per month.



Successful Savings Strategies

Take advantage of your peak earning years to top off your savings.

Add an extra $5,000 in catch-up contributions to your 401(k) savings and an extra $1,000 to your IRA.

As you near retirement, reallocate your portfolio to 70% stocks and 30% bonds.

Estimate your retirement expenses and your projected income. If you're coming up short, consider working a few more years.


SEE ALSO:

HOW TO SAVE A MILLION AT AGE 25

HOW TO SAVE A MILLION AT AGE 35

HOW TO SAVE A MILLION AT AGE 45


BACK TO:

HOW TO MAKE A MILLION

Have more retirement questions? Find the answers at Jumpstart Your Retirement.


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