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Saving Money

Retire a Millionaire: Strategies for Your 40s

Seven-figure savings strategies for fortysomethings.

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At age 45, 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.

See Also: Retire a Millionaire

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 $18,000 to a 401(k) or similar workplace-based retirement plan this year or $5,500 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 college, but there's no financial aid for your retirement. Don't put your kids' college costs ahead of retirement.