What would it take to become a millionaire? According to this simple chart, if you start saving at age 35, you’ll need to save just over $3,000 per year to reach the million-dollar mark by age 65.
Of course, this assumes that you’re earning a decent return on your investment and that you don’t incur any major unforeseen expenses along the way. But even with those factors taken into account, becoming a millionaire is well within reach for many people.
So if you’re not already on track to become a millionaire, what are you waiting for? Start saving today and you could be well on your way to reaching your financial goals.
How much you need to save, by age, each month to become a millionaire at 65
Saving for retirement can seem like a daunting task, especially if you’re starting from scratch. But if you break it down into smaller goals, it becomes much more manageable. And this chart shows one simple way to do that.
|Age||How much you need to save each month (6% rate of return)||How much you need to save each month(4% rate of return)|