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How Far Can $1 Million Last You in Retirement?

May 23, 2023 · Updated May 25, 2023 · Retirement Life
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Photo by Sabrina Bracher from Shutterstock

How to save $1 million

I know that $1 million might seem like a lot of money, but if you start compounding gains from your investments, you might see that this number is within reach even for those with modest incomes. For younger people, it’s even easier.

Young workers who don’t have as many expenses should be able to make retirement savings a priority before all the much-awaited life events, like marriage, children, or even homeownership.

Some of them might be lucky enough to have a 401(k). If you’re willing to put things in perspective, you will find out that a 25-year-old only needs to save $400 a month to retire with $1 million at 65 years old, considering a 7% annualized return on investment. I know it might seem like a lot, but those with a 401(k) are already halfway through.

If you’re eager to read more about retirement savings, here’s what you need to read: Your $914 Social Security Payment Will Arrive This Late!

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