Even if you have little or no retirement savings, you can still retire as a millionaire by setting aside a bit more money each month. CNBC calculated how much you could retire with if you contributed $1,000 a month starting at ages 25, 30, and 35.
As of the fourth quarter of 2023, the median 401 balance for account holders in their 30s was around $20,400, according to data from Fidelity Investment s, the nation's largest 401 provider.
That's a far cry from the $1.46 million the average American thinks they'll need to save in order to retire comfortably, according to Northwestern Mutual's But don't panic. Even if you have little or no retirement savings, you can still get back on track — and even retire as a millionaire. You just may need to set aside a bit more money each month than if you'd started earlier.CNBC calculated how much you could retire with if you contributed $1,000 a month to a retirement investment starting at ages 25, 30 and 35. These calculations assume a starting balance of $0 and an annual rate of return of 6% or 8% until age 65.
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