How to Build $1 Million by Age 55
Suppose you wanted to build a retirement fund of $1 million by the time you’re 55. If you were starting from scratch, how much must you save each month?
It goes without saying that the two important factors are the rate of return on your money, and the time it has to grow.
(Note that the annual growth rates used in the above table are net - i.e. they are after any investment charges or costs of any savings product.)
To see more detail about how your savings might grow, take a look at the following:
Retirement contribution calculator table (6%)
Retirement contribution calculator table (7%)