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.

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