If you wait until age 50 to start saving, you will need to stash about $2,413 a month with 10 percent annual returns, or $3,439 a month with 6 percent annual returns, to have $1 million by age 65. Taking advantage of catch-up contributions can help you reach this goal.
It’s clear that reaching your retirement saving goals is easier when you begin setting aside funds in your youth.
“Time is your friend,” Kruzel said. “Start now and make saving a priority.”
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