# How to Reach \$1M by Age 65

There’s something magical about reaching the \$1M mark for your retirement. Although \$1M isn’t quite what it used to be, it will still afford many a very comfortable retirement.

While it sounds like a nice number to reach, how exactly do you get to \$1M by age 65?

### Timing Matters:

Assuming your investments average a return of 6% per year and you started saving at age 25, you need to save \$6,461 each year (or \$538 per month) for 40 years. If you are like most and waited until you were age 35, you would need to save \$12,649 each year (\$1053/month) to reach \$1M within 30 years. However, if you delayed your savings and didn’t start saving until you were age 45, you’d need to save more than twice as much for a 20 year period to reach the magical \$1M

In order to reach \$1M by the age of 65, you would need to save the following each year assuming you start saving at the age of 25, 35, or 45.

• Start saving at age 25 = \$6,461 / year
• Start saving at age 35 = \$12,649 / year
• Start saving at age 45 = \$27,185 / year

Share your story with others on how you plan to save \$1M by age 65.

### About the author

FiGuide

Copyright 2014 FiGuide.com   About Us   Contact Us   Our Advisors       Login