The Age of Retirement

Saving for retirement may not seem like a priority in your twenties, but most financial advisors recommend it. The earlier you start putting money away, the easier the task may seem as you age.

Quick Facts

How much do you need?

Saving for retirement can seem like an abstract goal. Here are real figures about how much you’ll need based off of your monthly expenses.

Expected Monthly Expenses Savings Needed For 20 Years Savings Needed for 30 Years
$1,000 $166,696 $212,150
$2,000 $333,392 $424,300
$3,000 $500,087 $636,450
$4,000 $666,783 $848,601
$5,000 $833,479 $1,060,751
$6,000 $1,000,175 $1,272,901
$7,000 $1,166,871 $1,485,051
$8,000 $1,333,567 $1,697,201
$9,000 $1,500,262 $1,909,351
$10,000 $1,666,958 $2,121,501

These sums assume your portfolio will earn a 6 percent annualized return during the course of your retirement and endure 2 percent annual inflation erosion.

MBA@American
Analytics@American
Source: U.S. Census Bureau, Saperston Companies, Bankrate, Statistics Brain


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