How To Save $1 Million By 65
07-31-2010, 08:50 PM
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How To Save $1 Million By 65
How to save a $1 million retirement nest egg by age 65 - Jul. 27, 2010
The point made at the end of the article is important. $1 million today is not $1 million 30+ years from now.
Me? I hope I don't outlive my savings.
The point made at the end of the article is important. $1 million today is not $1 million 30+ years from now.
Me? I hope I don't outlive my savings.
10-30-2010, 09:58 PM
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The other big point: $1 million is just a large arbitrary number. It's better to target a monthly/annual expense figure, and try to plan to meet that. I think the rough gouge is to plan for 80% of current expenses when retired...and that assumes your mortgage is paid off when you retire.
Financial engines (no affiliation) is a cool website where you can plug in assets and other info, and it will predict your odds of meeting your annual expense target at your desired retirement age. Then you can adjust your investments or retirement age, etc. to increase the odds you'll succeed.
Financial engines (no affiliation) is a cool website where you can plug in assets and other info, and it will predict your odds of meeting your annual expense target at your desired retirement age. Then you can adjust your investments or retirement age, etc. to increase the odds you'll succeed.
11-25-2010, 03:08 PM
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The above link to CNN money has a weak response to the OP's question, can you average
13% per year? There are several no-load, NTF (no transaction fee) mutual funds out there that give a consistent return year in and year out. Start with Morningstar and do some research under mutual funds. One of my favorites is USAGX, a fund I picked up in 2005. Compare this funds' 10-year return of 31.66% against the S&P (which is a slightly negative number). I would also consider opening a Roth IRA account, and placing the maximum amount allowable into this account. You can trade stocks, funds, ETF's in this account and never incur any tax penalties, and it's tax free upon withdrawal at age 59 1/2.
13% per year? There are several no-load, NTF (no transaction fee) mutual funds out there that give a consistent return year in and year out. Start with Morningstar and do some research under mutual funds. One of my favorites is USAGX, a fund I picked up in 2005. Compare this funds' 10-year return of 31.66% against the S&P (which is a slightly negative number). I would also consider opening a Roth IRA account, and placing the maximum amount allowable into this account. You can trade stocks, funds, ETF's in this account and never incur any tax penalties, and it's tax free upon withdrawal at age 59 1/2.
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