How to Make a Million at 35
Seven-figure savings strategies for thirty-somethings.
From Kiplinger's Personal Finance magazine, February 2008
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You've Saved: 0$
To reach one million by age 65 you need to save $671 per month.
If You've Saved: $50,000
To reach one million by age 65 you need to save $304 per month.
Successful Savings Strategies
You may be starting a family or preparing to buy a home. Balance you short-term needs with long-term savings goals.
Although you have added responsibilities, don't neglect retirement.
Aim to save 15% of your gross income (including an employer match in your 401(k). If one parent leaves work to care for the kids, consider opening a spousal IRA.
Shift your assets to 90% stocks and 10% bonds.
Invest in a 529 college-savings plan. Many states offer a tax deduction for your contribution, and qualified distributions are exempt from federal taxes.
SEE ALSO:
HOW TO SAVE A MILLION AT AGE 25
HOW TO SAVE A MILLION AT AGE 45
HOW TO SAVE A MILLION AT AGE 55
BACK TO:
HOW TO SAVE A MILLION
Have more retirement questions? Find the answers at Jumpstart Your Retirement.
Reader Comments (4)
Posted by: C.G. at 01/25/2008 02:05:16 PM
"Shift your assets to 90% stocks and 10% bonds" Great advice right considering the current roller coaster in the stock market?
Posted by: L.O.L. at 02/11/2008 01:13:21 PM
If the stock market continues to plummet, the 90% stocks isn't such a pretty thought... however if you catch it at the bottom you're getting more shares for your money and stand to benefit even more when the market recovers.
Posted by: Manny at 04/25/2008 06:19:20 PM
... Move your money into Gold. Roll your current IRA into an IRA backed by gold. Gold has seen an increase of around 400% since 2001. What else out there has seen an increase of 30% per year that is nontaxable? Nothing...
Posted by: Da Mot at 07/14/2008 07:18:21 PM
..."When there's blood in the streets, it's time to buy." The blood is in the street and it may even be rushing towards the intersections. The 90% in stocks sounds just fine for me. I would hate the idea if I was just a few years from retirement.