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How much to save monthly to have $1.7 million in retirement




On average, American workers think they’ll need $1.7 million saved for retirement, but slightly less than half think they’re likely to reach their savings goals, according to a recent Charles Schwab study.

That’s understandable: Financial planners typically recommend saving between 10% and 15% of your gross annual salary for retirement, which is no small feat.

But if you can’t save that much yet, don̵[ads1]7;t panic. Workers with employer-sponsored retirement plans contribute only about 7% of their income to the pension fund on average, according to Vanguard’s “How America Saves 2022” report.

With this in mind, CNBC calculated how much you’d have to put away to save $1.7 million by 65, as well as how much you’d have to earn to achieve this without saving more than 15% of your income.

While these calculations can give you an idea of ​​what you should save to reach a retirement savings goal of $1.7 million, they do not take into account various factors beyond your control, such as market volatility, unexpected life events, salary increases, periods of unemployment, or interest rates you will earn from your savings.

Here’s how much you need to put away each month to save $1.7 million by 65.

If you start at the age of 25

To earn 4% annual return: $1,433.51 per month

  • Annual salary needed if you save 10% of your income: $172,021
  • Annual salary needed if you save 15% of your income: $114,686

To earn 6% annual return: $853.63 per month

  • Annual salary needed if you save 10% of your income: $102,436
  • Annual salary needed if you save 15% of your income: $68,294

To earn 8% annual returns: $486.97 per month

  • Annual salary needed if you save 10% of your income: $58,436
  • Annual salary needed if you save 15% of your income: $38,959

If you start at the age of 30

To earn 4% annual return: $1,860.50 per month

  • Annual salary needed if you save 10% of your income: $223,260
  • Annual salary needed if you save 15% of your income: $148,848

To earn 6% annual return: $1,193.23 per month

  • Annual salary needed if you save 10% of your income: $143,187
  • Annual salary needed if you save 15% of your income: $95,463

To earn 8% annual returns: $741.10 per month

  • Annual salary needed if you save 10% of your income: $88,932
  • Annual salary needed if you save 15% of your income: $59,291

If you start at the age of 40

To earn 4% annual return: $3,306.56 per month

  • Annual salary needed if you save 10% of your income: $396,787
  • Annual salary needed if you save 15% of your income: $264,538

To earn 6% annual return: $2,453.12 per month

  • Annual salary required if you save 10% of your income: $294,375
  • Annual salary needed if you save 15% of your income: $196,260

To earn 8% annual returns: $1,787.54 per month

  • Annual salary needed if you save 10% of your income: $214,505
  • Annual salary needed if you save 15% of your income: $143,010

As the calculations show, the earlier you start saving for retirement, the less you will need to save per month, as your money will have more time to composed.

In fact, one of the biggest mistakes people make when it comes to retirement planning is not starting early enough and not increasing their contributions over time, says Nathan Voris, director of investments, insights and consulting for Schwab Retirement Plan Services.

“You don’t have to start with a bang,” says Voris. “Even if you start small, you get engaged, and then you can increase it every year.”

To that point, it’s smart for workers in their 20s and 30s to take advantage of opportunities like an employer-sponsored 401(k) match if it’s available, says Joe Duran, co-head of Goldman Sachs’ personal finance management group.

For workers in their 40s, Duran recommends working with a financial advisor to discuss your retirement goals and priorities. “This will help you build a comprehensive financial plan to create a meaningful retirement for you,” he says.

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How much to save monthly to have .7 million in retirement



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