Here’s how to save $1 million for retirement on a $60,000 salary, broken down by age.
Saving a set percentage of your salary every month is a simple way to grow your retirement account over time. But figuring out how much your monthly contributions will be worth decades down the line can be difficult.
. But if your goal is to get to $1 million, the percentage that you need to invest will vary considerably based on how old you are when you start. This case study takes a look at how much you'll need to save if you make an annual salary of $60,000, broken down by the age at which you start investing. If you start in your 20s, retiring with $1 million won't be so difficult, but the older you get before to salt some money away, the larger the portion of your paycheck you'll need to put away each month.
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