Planning For The Millionaire Club When You Are 30

April 22, 2014 9:40 PM
Planning For The Millionaire Club When You Are 30
" BOSTON (CBS) – This is a tough decade. You now want the grown-up things, marriage, house, kids. So becoming a millionaire make take a back seat.

But if we are looking at the Fidelity plan to replace 85% of your income in retirement and becoming half a millionaire then by 35 you should have saved 1 times your salary. So with an end salary of $60,000 then you would have $60,000 in your 401(k).

Oops! Most people have not saved that much by age 35.

If you don’t have $60,000 saved by your 35th birthday don’t despair. If you are able to start at age 35 and save $3,500 a year and if we assume you will earn an 8% average return, your nest egg could have over a half of million dollars ($500,000) at age 67.

To reach that million dollar amount you have to save more; $7,500 a year "

Click here to read the whole article

Google related News

Tuesday, April 22, 2014 by Gainesville Times

Planning board votes against Lanier Plaza redevelopment

Plans to redevelop the Lanier Plaza shopping center on Thompson Bridge Road were dealt a setback Tuesday night. After hearing concerns 

Read more
Wednesday, December 31, 1969 by New York Times

With Planning Out of the Way, Time to Enjoy the Moment

When we think of financial planning, we naturally focus on the future. We start by getting really clear about where we are today, then we spend 

Read more
Wednesday, December 31, 1969 by South China Morning Post

China planning to open first intellectual property court in Guangdong

The new court is expected to be launched after the authorities study foreign IP courts like in Germany and Japan, and some details of the plan 

Read more
Tuesday, April 22, 2014 by The Flint Journal

Genesee County Directory planning committee suggests selling ad ...

FLINT, MI -- Clerk-Register of Deeds John Gleason and the Blue Ribbon Committee have begun planning the next Genesee County Directory, 

Read more