savings

Retire a Millionaire: Strategies for Your 30s

Seven-figure savings strategies for thirtysomethings.

At age 35, you've Saved: 0$

To reach one million by age 65 you need to save $671 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 $304 per month.

See Also: Retire a Millionaire

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.

Most Popular

Is the Stock Market a House of Cards?
investing

Is the Stock Market a House of Cards?

The stock market volatility we’ve been experiencing and the apparent disconnect with the broader economy have some investors wondering just that. But …
October 12, 2020
Stock Market Holidays in 2020
Markets

Stock Market Holidays in 2020

Is the stock market open today? Take a look at which days the NYSE, Nasdaq and bond markets take off in 2020.
October 12, 2020
10 Worst Things to Keep in Your Wallet
Scams

10 Worst Things to Keep in Your Wallet

Storing your passport book or card, a spare key, or any of these other important items in your wallet leaves you open to identity theft -- or worse.
October 9, 2020

Recommended

Bad News on IRA and 401(k) Contribution Limits for 2021
retirement plans

Bad News on IRA and 401(k) Contribution Limits for 2021

Retirement savers will be disappointed with the contribution limits for next year, but at least more people will qualify for retirement tax breaks in …
October 26, 2020
13 States That Tax Social Security Benefits
social security

13 States That Tax Social Security Benefits

You may have dreamed of a tax-free retirement, but if you live in these 13 states, your Social Security benefits are subject to a state tax. That's on…
October 21, 2020
The Best Fidelity Funds for 401(k) Retirement Savers
Investing for Income

The Best Fidelity Funds for 401(k) Retirement Savers

Fidelity funds are renowned for their managers' stock-picking prowess. We rate Fidelity's best actively managed funds that are popular in 401(k) plans…
October 21, 2020
The Best Vanguard Funds for 401(k) Retirement Savers
mutual funds

The Best Vanguard Funds for 401(k) Retirement Savers

Vanguard funds account for a third of the 100 most popular 401(k) retirement products. We rank Vanguard's best actively managed funds, including its t…
October 21, 2020