If you're aiming for $2 million in retirement savings, it helps to start saving early.
Check out the below chart, provided by NerdWallet, which details exactly how much money you need to set aside per month to reach $2 million by age 67. The chart assumes a 6 percent average annual investment return.
The green bars represent how much you need to save and the blue bars represent your investment return. Hover over the bars to see the exact numbers.
Here's the full breakdown of how much you would have to save per month to have $2 million by age 67 if you start at age:
20: $639 per month
25: $881 per month
30: $1,226 per month
35: $1,728 per month
40: $2,480 per month
45: $3,661 per month
50: $5,662 per month
No matter when you start saving, reaching $2 million requires real dedication — but, as the chart shows, the sooner you put your money to work, the easier it will be to retire a multi-millionaire.
If you begin setting aside money at age 20, you have to save $639 per month, or about $147 a week, to reach $2 million. That may sound daunting but, if you start at age 30, that number nearly doubles: You need to save $1,226 per month, or about $283 a week. Bear in mind that millennials (defined as those born between 1981 and 1998) hold only about $2,400 in median total savings, according to a recent survey by MagnifyMoney.
"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. Compound interest makes a sum grow at a faster rate than simple interest because, in addition to earning returns on the money you invest, you also earn returns on those returns over time.
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.
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