If you wait until age 35 to start saving, you’ll need to set aside nearly twice as much each month as if you’d started a decade earlier. Assuming a 10 percent annual return, you will need to save about $442 a month to have $1 million by age 65. With a 6 percent return, you will have to save $995 per month.
As you move up the career ladder and start earning more, you should increase your retirement contributions with each raise or bonus to make up for lost time.
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