Here's how much you should put in your 401(k) each month to retire with $2 million. (via CNBCMakeIt)
calculated how much you need to put into your 401 each month in order to reach $2 million by age 65, depending on when you start saving. Most financial planners suggest you put away anywhere between 10% and 15% of your gross salary for retirement, so CNBC also calculated the salary you'd need to earn in order to save $2 million without putting away more than 15% of your income.
While these calculations don't take into account the many ups and downs people experience over their lives, such as pay increases, periods of unemployment or sudden financial windfalls or losses, it can be helpful to get a sense of what you should be saving to build a substantial retirement fund.With a 4% rate of return:Annual salary needed if you save 15% of your income: $134,925.24Annual salary needed if you save 10% of your income: $120,512.74$572.
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