Wealth manager: Here's how to retire with $1 million in 20 years investinyou (In partnership with acorns.)
because "you might not be able to and you might not want to." Instead, he says, "let's cram money into our retirement accounts in our 20s, in our 30s and in our 40s so that you have the option to retire in your 50s."
It's even possible to retire with more than $1 million in 20 years, says Bach. It'll take a lot of discipline and a high savings rate, but it's doable: "I call it the 50-20 formula: $50 a day for 20 years at a 10% rate of return is over $1 million." If you save for 30 years, based on that formula, you'd have about $3.39 million, he says.wealth manager, best-selling author
Don't get caught up on the rate of return, he adds. If you want to use a more conservative rate of return, like 6% or 7%, run your own numbers using
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