HOW TO SAVE A MILLION AT AGE 25
You've Saved: $0
To reach one million by age 65 you need to save $286 per month.
Successful Savings Strategies
You're just starting your career, so this is your chance to build a solid financial foundation. Time is on your side.
Contribute enough to your company 401(k) plan to capture your employer match. If you don't have a retirement plan at work, fund an IRA.
You'll be investing for 30 years or more, so you can afford to keep 100% of your account in stocks.
Pay down credit cards and other high-interest debt. That will free up money to save for a house.
Set up an emergency fund equal to three to six months of take-home pay. Stash it in a readily accessible account in an online bank that pays interest of 4% or more.
HOW TO SAVE A MILLION AT AGE 35
You've Saved: 0$
To reach one million by age 65 you need to save $671 per month.
If You've Saved: $50,000
To reach one million by age 65 you need to save $304 per month.
Successful Savings Strategies
You may be starting a family or preparing to buy a home. Balance you short-term needs with long-term savings goals.
Although you have added responsibilities, don't neglect retirement.
Aim to save 15% of your gross income (including an employer match in your 401(k). If one parent leaves work to care for the kids, consider opening a spousal IRA.
Shift your assets to 90% stocks and 10% bonds.
Invest in a 529 college-savings plan. Many states offer a tax deduction for your contribution, and qualified distributions are exempt from federal taxes.
HOW TO SAVE A MILLION AT AGE 45
You've Saved: 0$
To reach one million by age 65 you need to save $1,698 per month.
If You've Saved: $50,000
To reach one million by age 65 you need to save $1298 per month.
If You've Saved: $100,000
To reach one million by age 65 you need to save $861 per month.
Successful Savings Strategies
You may be juggling the needs of a growing family and aging parents, but don't take a break from retirement savings.
You can contribute up to $15,500 to a 401(k) or similar workplace-based retirement plan this year or $5,000 to an IRA. Roll over retirement savings from previous jobs into an IRA.
Adjust your asset allocation to 80% stocks and 20% bonds.
Your kids can get grants or loans for college, but there's no financial aid for your retirement. Don't put your kids' college costs ahead of retirement.
HOW TO SAVE A MILLION AT AGE 55
You've Saved: 0$
To reach one million by age 65 you need to save $5,466 per month.
If You've Saved: $50,000
To reach one million by age 65 you need to save $4,859 per month.
If You've Saved: $100,000
To reach one million by age 65 you need to save $4,253 per month.
If You've Saved: $200,000
To reach one million by age 65 you need to save $3,040 per month.
Successful Savings Strategies
Take advantage of your peak earning years to top off your savings.
Add an extra $5,000 in catch-up contributions to your 401(k) savings and an extra $1,000 to your IRA.
As you near retirement, reallocate your portfolio to 70% stocks and 30% bonds.
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Thread: How To Save 1 Million
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27-02-2008, 03:31 AM #1
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How To Save 1 Million
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03-03-2008, 03:49 PM #2
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wow! now I'm starting saving when i started working...2 months to go to graduate...love the sound of being millionaires by the time i retired..that is if I'm still alive!...;P lol
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07-03-2008, 06:16 PM #3
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nice strategy when i reach 25 I will start saving $286 per month :D lol
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09-03-2008, 06:43 AM #4
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Good strategy I like this I will save my money when I become 22.Thank you for Idea
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09-03-2008, 09:25 AM #5
Save now for a better future my friend.:p
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