How to save a million dollars
Sound impossible? It shouldn’t. All it takes is dedication, patience and TIME. According to Kiplinger, anyone at any age can do it:
To reach one million by age 65 starting at age 25: save $286 per month
To reach one million by age 65 starting at age 35: save $671 per month
To reach one million by age 65 starting at age 45: save $1,698 per month
To reach one million by age 65 starting at age 55: save $5,466 per month
The figures above assume you are making 8% interest and are starting with a savings balance of $0. Start saving today!
June 30, 2008 at 9:20 pm
I have seen that chart before, but it still is shocking everytime I see it. 10 years makes a tremendous difference.
I am certianly glad that I started my IRA at age 17, but still sorry that I did not scrimp and save a bit more along the way to put more money in early.