AGE | YEARLY SAVINGS | YEARS to SAVE | AMOUNT @ 65 |
15 | $2,000 | 50 | $2,327,934 |
25 | $2,259 | 40 | $1,000,000 |
35 | $6,079 | 30 | $1,000,000 |
45 | $17,459 | 20 | $1,000,000 |
55 | $62,745 | 10 | $1,000,000 |
It takes a bit of discipline to plan ahead. When I was young I could not even envision a reason to save for my senior years. As I got older I began to understand that one day I wanted to retire. Fortunately when I was 39 my company converted my long term savings into a 401k and I could no longer withdraw the money with out experiencing steep penalties. Consequentially I left it in and was so glad that I did.
Are you planning to retire one day? Do you know how you will do it?
I hope I can officially retire at 40!
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