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
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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.
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.