Here's how much you need to save every month to earn $70,000 per year in interest for retirement
Publishing timestamp: 2023-03-07 08:00:01
Summary
Planning for retirement can be daunting, but it doesn't have to be. CNBC crunched the numbers to show how much you need to save now to get $70000 every year in retirement without taking a bite out of your principal. Financial advisors typically recommend a mix of investments in your portfolio that gradually become more conservative as you approach retirement. We assume a conservative annual 6% return when you are saving and a more conservative 3% rate during your "interest-only" retirement. We do not factor in inflation, taxes or any additional income you may get from Social Security or your 401(k) plan.
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