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Saving Money

Retire a Millionaire: Strategies for Your 50s

Seven-figure savings strategies for fiftysomethings.

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At age 55, you've Saved: 0$

To reach $1 million by 65 you need to save $5,466 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 $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.

See Also: Retire a Millionaire

Successful Savings Strategies

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

Add an extra $6,000 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.