You Can (And Should) Save $1 Million for Retirement

Financial experts consider having a cool million stashed away in your retirement fund to be the best indicator of being able to retire in complete comfort. A million might seem unattainable, but it’s perfectly feasible if you follow the basic recommended guidelines on how to save $1 million by the time you retire.

 

Start Saving ASAP

It’s normal to be tempted to put off any serious retirement saving. But if you want to hit that $1 million benchmark in time for retirement, you need to start saving when you’re young. Younger than you think.

Say that you start saving at age 25. You’d need to be saving $405 each month. With an average return of 7% you’ll have that $1 million by the time you’re 65 and thinking about retiring.

Chances are, you’ve already seen your 25th birthday come and go. In which case, you’d need to up the amount that you’re saving each month. It’s absolutely infuriating, but the longer you wait to start saving, the harder you have to work to catch up.

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Getting married is a joyous occasion in most peoples’ lives, but it can also be one of the heftiest investments you make considering it all goes for just one day of events. Nowadays, it is not uncommon for a normal couple with the average traditional wedding to spend thousands upon thousands of dollars.

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How Much Money Should I Save for Emergencies?

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Understand Compound Interest and You’ll Understand Why You Need to Start Saving Now

Understanding compound interest is more than just learning about saving for retirement. It’s actually understanding how to get rich slowly, almost effortlessly. When a person starts saving early, even a modest return on the money they put aside in an interest bearing account will create wealth over time.

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Retirement – Roth IRA: A Tool for Your Financial Future

If you’re in your 20s and embarking on your career, there’s no better time to start saving for retirement. While the days when you are living a life of leisure may seem far off, saving now can ensure that you are able to retire when you’re ready to do so.

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Retirement – Why You Should Never Cash Out a 401(k) Early

When the economy is in rough shape and cash gets tight in many households, some workers choose to ease the burden by dipping into their nest egg early. Others may want the money to put into an IRA or another type of account.

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