How much you need to put in your 401(k) every month to retire with $1 million depends on how old you are when you start. (via CNBCMakeIt)
Experts often recommend saving up $1 million before you retire. But what does it really take to achieve that goal?calculated how much you need to put into your 401 each month in order to reach $1 million by age 65, depending on when you start saving. Most financial planners suggest you save anywhere between 10 and 15% of your gross salary, so CNBC also calculated the salary you'd need to earn in order to save $1 million without putting away more than 15% of your income.
Still it's helpful to get even the most basic sense of what you should be saving to enjoy a seven-figure retirement., which is when any interest earned then accrues interest on itself. The earlier you're able to start socking money away, the bigger the boost the stock market will give you. If you start at 25, you could potentially hit a million by 65 by saving around $250 every month for 40 years, which is around $8 a day.
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