HOW TO SAVE $1 MILLION STARTING AT AGE 25
Assuming a 10 percent return, you will need to save about $158 per month to have $1 million by age 65 if you start investing at 25. With a more conservative 6 percent annual return, you will need to stash $502 in savings each month.
The younger you are when you start saving, the less you will have to set aside each month to amass $1 million by retirement. For this reason, it’s important to get into the habit of paying yourself first, starting with your first paycheck, said Kevin Smith, executive vice president of wealth management at Smith, Mayer & Liddle in York, Pa.