How To Save One Million DollarsSubmitted by LWM | Linden Wealth Management LLC on October 28th, 2019
How To Save One Million Dollars
Want to save $1 million for retirement? Think that's not enough, and the figure should be higher? Look at the following chart. It shows how much you need to save monthly based on when you plan to retire and your investment's rate of return. If your number is higher, for example, $3 million, find where you fit on the chart and multiply the monthly savings by 3:
|Rate of Return||5 Years||10 Years||15 Years||20 Years||25 Years||30 Years|
- Investment made at beginning of time period
- Returns are compounded monthly
Each investor's results will vary from these shown as investing involves risk, fluctuating returns and the possibility of loss. These figures shown do not represent any specific investment product. Nevertheless, the table is instructive with realistic numbers showing the relationship between time, money, and compound earnings. All things equal, the earlier you begin, the less you potentially have to save.
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*This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets.