{"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":"
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> 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
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