Thursday, May 27, 2010

How much to save to reach $1 mill by age 65

This is how much you would need to save each month to accumulate $1 million by age 65 if you began:

At age 20 $189.59 per month (at 8% annual returns)
At age 30 $435.94 per month (at 8% annual returns)
At age 40 $1,051.49 per month (at 8% annual returns)
At age 50 $2,889.85 per month (at 8% annual returns)
At age 60 $13,609.73 per month (at 8% annual returns)

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