If you are making $50,000 a year, planning to save $2 million for retirement can seem like an impossible goal. Yet, with some hard work, dedication and a lot of time, you can get there, regardless of your age.
As a rule of thumb, most financial advisors suggest you save 10% to 15% of your salary. But if your goal is to get to $2 million, the percentage you need to invest will vary widely based on how old you are when you start.
NerdWallet crunched the numbers, and we can tell you exactly how much of your $50,000 you’ll need to tuck away to get there.
Just a few things to remember: These numbers assume you have no money in your retirement plan, that you will get a 6% return on your investments and that you will 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.
Now let’s dive into the figures.
