How to Make a Million at 45

Seven-figure savings strategies for forty-somethings.

From Kiplinger's Personal Finance magazine, February 2008

You've Saved: 0$

To reach one million by age 65 you need to save $1,698 per month.

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 $15,500 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.

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 55

HOW TO MAKE A MILLION

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

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