Can you guys really make a million by saving money by every age?
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Strategies for saving at every age.
The road to $1 million starts early, but there's hope, and help, for late bloomers.
Choose your age category below to see how much you need to save each month to accumulate $1 million by age 65. You'll also find strategies to fit retirement saving into the rest of your life.
At age 25, you're starting from scratch. At ages 35, 45 and 55, we assume you already have money in savings on which you're earning 8% annually. Even if you can't save quite this much now, our step-by-step guide will help you set priorities for every stage of life.
HOW TO SAVE A MILLION AT AGE 25
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To reach one million by age 65 you need to save $286 per month.
Successful Savings Strategies
You're just starting your career, so this is your chance to build a solid financial foundation. Time is on your side.
Contribute enough to your company 401(k) plan to capture your employer match. If you don't have a retirement plan at work, fund an IRA.
You'll be investing for 30 years or more, so you can afford to keep 100% of you account in stocks.
Pay down credit cards and other high-interest debt. That will free up money to save for a house.
Set up an emergency fund equal to three to six months of take-home pay. Stash it in a readily accessible account in an online bank that pays interest of 4% or more.
HOW TO SAVE A MILLION AT AGE 35
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