Building a million-dollar portfolio may not be as hard as you think. If you start saving early, you can even reach seven figures by age 50 and consider settling down early.
Personal finance site NerdWallet created a chart showing just how much you need to save each month to have $1 million in the bank by 50. It assumes you start with zero dollars at various ages and also assumes a 6 percent annual investment return.
While $1 million is the oft-cited amount needed to retire comfortably, depending on when you retire and what you want your lifestyle to look like in your golden years, you may need more or less than that. To help you figure out the right amount to fund your retirement, check out NerdWallet's retirement calculator.
If you're aiming for the $1 million mark, here's how much you have to save per month to reach that goal. Scroll over the chart to see the exact numbers.
Here's the full breakdown of just how much you'd have to save each month to reach $1 million by age 50 if you start saving at a range of ages:
As the chart shows, the amount you have to save depends heavily on how early you start. If you put your money to work as soon as you enter the workforce, you won't have to save as much to get to $1 million.
"People in their 20s have a huge advantage when it comes to saving for retirement," NerdWallet's investing and retirement specialist Andrea Coombes tells CNBC Make It. "They've got time. It's so much easier to let the power of compounding help you build your savings than it is to delay saving and then later try to make up the difference by saving more."
Ready to 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, or other retirement savings accounts, such as a Roth IRA or traditional IRA.
To help you save more and spend less, check out:
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