Money

How much a 30-year-old has to save every day to be a millionaire by 67

The sooner you start putting your money to work, the easier it is to reach seven figures.

Ideally, you'll want to start saving and investing in your 20s in order to reap the full benefits of compound interest. That being said, even if you don't get started until your 30s, it's still more than possible to build a million-dollar portfolio.

To illustrate how attainable it is, personal finance site NerdWallet created a chart showing how much money you need to set aside each day, month and year in order to have $1 million saved by the time you're 67. It assumes you start with zero dollars at age 30 and also assumes various average annual investment returns.

Scroll over the chart to see the exact numbers.

A four percent annual return:

$33 per day
$982 per month
$11,769 per year

A six percent annual return:

$21 per day
$610 per month
$7,413 per year

An eight percent annual return:

$12 per day
$366 per month
$4,552 per year

A 10 percent annual return:

$7 per day
$213 per month
$2,755 per year

Of course, depending on when you want to retire and what you want your lifestyle to look like in retirement, you may need more or less than $1 million. To help you figure out how much money you need to fund your golden years, check out NerdWallet's retirement calculator.

Next, put your money to work. The simplest starting point is to invest in your employer's 401(k) plan, a tax-advantaged retirement savings account. Next, consider alternate retirement savings accounts, such as a Roth IRA, traditional IRA and/or a health savings account.

You can also research low-cost index funds, which Warren Buffett recommends, and online investment platforms known as robo-advisers.

Don't miss: How much you have to save each month to become a millionaire by age 67