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A Million At 65

August 2nd 2010 15:53
Who doesn't want to have a million dollars? Unless you are born into it or inherit it, the only way to save $1 million, is to save over time. If you want to retire with a million, the earlier you start saving, the easier it is to achieve.

If you are a twenty-something, here is a realistic look at having $1 million by retirement. The key is the earlier you start saving, the easier it is to save a million. Children should be taught the value of money and how to save.



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2 Comments. [ Add A Comment ]

Comment by Sam Uretsky

August 2nd 2010 18:11
The problem with this sort of projection is the sheer unreliability of the market. For example, right now, my 403(b) account is paying 3.5%, so that $1M wouldn't bring in enough to maintain a reasonable level of comfort. If I start drawing down, I might outlive the money. I note this because today I was reading yet another proposal for the privatization of Social Security. We seem to need more than just a good savings plan.

Comment by signals

August 3rd 2010 14:54
For me reaching a million is impossible, so I have to settle for the comfort level far below the million mark.

The point is that if you start saving something, the sooner the better, you may never need anything.

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