{"id":40383,"date":"2022-06-07T13:24:19","date_gmt":"2022-06-07T13:24:19","guid":{"rendered":"https:\/\/harchi90.com\/how-to-save-1-million-for-retirement-on-a-60000-salary\/"},"modified":"2022-06-07T13:24:19","modified_gmt":"2022-06-07T13:24:19","slug":"how-to-save-1-million-for-retirement-on-a-60000-salary","status":"publish","type":"post","link":"https:\/\/harchi90.com\/how-to-save-1-million-for-retirement-on-a-60000-salary\/","title":{"rendered":"How to save $ 1 million for retirement on a $ 60,000 salary"},"content":{"rendered":"
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Saving a set percentage of your salary every month is a simple way to grow your retirement account over time. But figuring out how much your monthly contributions will be worth decades down the line can be difficult.<\/p>\n

As a rule of thumb, most financial advisors suggest that you save 10% to 15% of your salary. But if your goal is to get to $ 1 million, the percentage that you need to invest will vary considerably based on how old you are when you start.<\/p>\n

This case study takes a look at how much you’ll need to save if you make an annual salary of $ 60,000, broken down by the age at which you start investing. If you start in your 20s, retiring with $ 1 million won’t be so difficult, but the older you get before to salt some money away, the larger the portion of your paycheck you’ll need to put away each month.<\/p>\n

More from Invest in You:<\/strong>
What students learned about money in College Money 101
This 23-year-old entrepreneur made millions on Amazon and Walmart
NBA champion Dwayne Wade shares his three best tips for managing money<\/p>\n

The model used here assumes that you start with no savings, plan to retire at 65 and have investments that earn 6% annually. It doesn’t account for variables such as pay increases, employer matches, inflation or any other financial curveballs that life may throw at you.<\/p>\n

Watch the video to find out how best to save $ 1 million for retirement on a $ 60,000 salary.<\/p>\n

SIGN UP:<\/strong> Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox. For the Spanish version Dinero 101, click here.<\/p>\n

CHECK OUT<\/strong>: Supersaver who banked 78% of his income and no longer has to care about money: How I did it with Acorns + CNBC<\/p>\n

Disclosure: NBCUniversal and Comcast Ventures are investors in <\/em>Acorns<\/em>.<\/em><\/p>\n<\/div>\n<\/div>\n

.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saving a set percentage of your salary every month is a simple way to grow your retirement account over time. But figuring out how much your monthly contributions will be worth decades down the line can be difficult. As a rule of thumb, most financial advisors suggest that you save 10% to 15% of your …<\/p>\n

How to save $ 1 million for retirement on a $ 60,000 salary<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[118,246,628,2055],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/image.cnbcfm.com\/api\/v1\/image\/107071070-1654285852503-Z-CNBC_220607_IIY_Making60KSaving1M_thumb2.jpg?v=1654285966&w=1920&h=1080","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/40383"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=40383"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/40383\/revisions"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=40383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=40383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=40383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}