If you’re making $50,000 per year, the thought of saving $500,000 can seem daunting. But with dedication and a lot of time, you can get there if you stick to your plan.
As a rule of thumb, most financial gurus suggest that you save 10 to 15% of your salary. But if your goal is to get to $500,000, the percentage you need to invest will vary drastically based on how old you are when you start.
The IM Team crunched the numbers, and we can tell you exactly how much of your income you’ll need to tuck away if you make $50,000 per year. Just a few things to remember. These numbers assume that you have no money in your retirement plan, that you’ll get a 6% return on your investments, and that you’ll retire at age 65. The math also does not account for potential pay increases, employer matches, inflation, or any curveballs that life may throw at you. So plan accordingly.
Watch this video to find out how much money you will need to invest to save $500,000 for retirement, broken down by age.
