Start early to attain your goal.
Starting at age 20:
- Assuming a 6% return, compounded monthly, you should aim to invest $364 a month toward retirement to reach $1 million in savings by age 65.
Starting at age 30:
- Assuming a 6% return, compounded monthly, you should aim to invest $704 a month toward retirement to reach $1 million in savings by age 65.
Starting at age 40:
- Assuming a 6% return, compounded monthly, you should aim to invest $1,444 a month toward retirement to reach $1 million in savings by age 65.
Starting at age 50:
- Assuming a 6% return, compounded monthly, you should aim to invest $3,439 a month toward retirement to reach $1 million in savings by age 65.
How to retire a millionaire
Invest wisely. Check out other blog posts on index investing and investing.
Source: Financial Planning for Women