Retire a Millionaire: Strategy for Your 20s
Seven-figure savings strategies for twentysomethings who are just starting out.
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At age 25, you've Saved: $0
To reach one million by age 65 you need to save $286 per month, (This assumes an 8% annual return, invested in stocks.)
Successful Savings Strategies
You're just starting your career, so this is your chance to build a solid financial foundation. Time is on your side.
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Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
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Contribute enough to your company 401(k) plan to capture your employer match. If you don't have a retirement plan at work, fund an IRA.
You'll be investing for 30 years or more, so you can afford to keep 100% of your account in stocks.
Pay down credit cards and other high-interest debt. That will free up money to save for a house.
Set up an emergency fund equal to three to six months of take-home pay. Stash it in a readily accessible account. Online banks tend to pay higher interest rates than brick-and-mortar banks.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
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