With a 4 percent rate of return: $142,185
With a 6 percent rate of return: $169,277
With an 8 percent rate of return: $202,501
It's important to keep in mind that these calculations don't account for the many variables that can affect wealth over several decades, including windfalls, emergencies, and rises or dips in the market. Also, saving hundreds or thousands of dollars a month is an ambitious goal, more than most Americans can manage.
Still, getting into the habit of regularly saving any amount will be great for you in the long run.
Here are a few simple, low-stress ways to get started:
- Sign up for your employer's 401(k) plan and take full advantage of any company match, which essentially gives you free money
- Contribute to a Roth IRA or traditional IRA, a tax-advantaged individual retirement account
- Consider automated investing services known as robo-advisors that can help you out no matter how much you have in the bank
- Research low-cost index funds, which Warren Buffett recommends
Like this story? Subscribe to CNBC Make It on YouTube!
Here's exactly how much money you'll have in retirement if you save $1,000 a month