Save and Invest

This calculator tells you how much money you need to retire comfortably, based on age and income

Twenty20 | Leontina

The idea of becoming a millionaire may seem daunting, but based on Grow calculations, a million dollars or more is what most 25-year-olds today may need to retire comfortably.

The good news is, getting there may be easier than you think, especially if you start saving and investing in your 20s.

The sooner you begin, the easier it is to build wealth for the future. That's thanks to the power of compound interest, which means your money grows at a faster rate because you earn interest on your savings as well as interest on the interest you've earned.

If you haven't already begun saving and investing, the time to start working toward that goal is now. Because of the power of compounding, putting away even a small amount each month can have a large impact over time.

We've put together a tool that can help you estimate how much you'll need to be comfortable later on and can help you get started on a plan.

More from Grow:
6 facts you should know about banks (but probably don't)
3 ways to do your taxes for free—it can save you up to $250
5 money lessons everyone should know by age 30

Follow along and enter your information below to get a personalized savings goal. If you are planning for yourself and a partner, you may want to input household numbers rather than individual ones.

VIDEO10:2510:25
How a 24-year-old making $120,000 a year in the DC area spends his money
make it

Stay in the loop

Sign Up

About Us

Learn More

Follow Us

CNBC.COM