Here's the full breakdown of how much you would have to save per month to have $1.5 million by age 67 if you start at age:
20: $479 per month
25: $661 per month
30: $920 per month
35: $1,296 per month
40: $1,860 per month
45: $2,746 per month
50: $4,247 per month
As the chart shows, the amount you have to save depends a lot on how early you start. If you begin setting aside money at age 20, you have to save $479 per month, or about $110 a week, to reach $1.5 million. If you start at age 30, though, that number nearly doubles: You need to save $920 per month, or about $212 a week.
"Someone who starts early can save less overall and rely on compound interest to pick up the slack," Arielle O'Shea, NerdWallet's investing and retirement specialist, tells CNBC Make It. In this example, "someone who starts investing at age 25 is able to turn just $333,016 worth of contributions into $1.5 million by retirement. That means over a fourth of their nest egg comes from investment returns."
"Compare that to someone who waits until age 50 to start," she continues. "He or she will have to save over $4,000 a month, and nearly $900,000 overall, to build $1.5 million."
The amount you need in retirement savings is highly personal. It depends on your lifestyle, location and spending habits. For some, $750,000 is enough to retire comfortably. Others may need more than $1 million. To determine the right amount for you, check out CNBC Make It's guide or use a retirement calculator.
If you haven't already started investing, the simplest way to start is to contribute to your employer's 401(k) plan, a tax-advantaged retirement savings account, or to other retirement savings accounts, such as a Roth IRA or traditional IRA.
You can also research low-cost index funds, which Warren Buffett recommends, and online investment platforms known as robo-advisers.
Here's how much you have to save every month to retire with $1 million
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