Want To Retire With $1 Million? Here's How Much You Need To Be Saving Right Now (Based on your age)

Business Insider ^ | 03/24/2014 | ANDY KIERSZ

[SeekAndFind]

We recently pointed out that starting to save early for retirement is extremely helpful, and also a useful chart showing how much you should have saved at different stages of your career to ensure a comfortable retirement.

To show how these ideas work, we figured out how much money you would have to set aside monthly, starting at different ages, and under different rates of return, to end up with $1,000,000 in savings when you are ready to retire at 65.

Here is how much you would need to save each month at a 6% annual rate of return, starting at different ages.

So if you're 20, and you want to retire a millionaire, you should be socking away $361 per month. If you're starting at 25, that jumps to $499. You can see how as you get older, you need to be saving much, much more:

[Bill Russell]

Thanks, Beef.... That type of commercial would fit....He would advise finding a way to fix the foundation without going into debt. In the Ramsey financial design, that is what the emergency fund is for.... it may not be life or home threatening, but it fits his philosophy of what an emergency fund is for; to protect the home (biggest source of wealth for most people) without debt or waiting to save up for it.