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.
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.
SEE ALSO:
HOW TO SAVE A MILLION AT AGE 35
HOW TO SAVE A MILLION AT AGE 45
HOW TO SAVE A MILLION AT AGE 55
OUR METHODOLOGY
Have more retirement questions? Find the answers at Jump-start Your Retirement.
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