Here's how much money you'd need to save each month to retire with $1.5 million if you earn $80,000 a year

Here's how much money you'd need to save each month to retire with $1.5 million if you earn $80,000 a year - TL;DR CNBC

Here's how much money you'd need to save each month to retire with $1.5 million if you earn $80,000 a year

Publishing timestamp: 2023-11-07 12:57:40

Summary

The article discusses Americans' financial fears regarding retirement savings. It highlights the average amount Americans think they'll need to retire comfortably and compares it to the median retirement account balance. It emphasizes the importance of starting to save for retirement early and provides calculations for how much someone earning $80,000 annually would need to save each month to retire with $1.5 million at age 67. The article also suggests focusing on savings rate rather than a specific savings goal and recommends gradually increasing contributions over time.

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Keywords: united states, american vanguard corp, labor economy, retirement planning, lifestyle, personnel, personal finance,

Source: https://www.cnbc.com/2023/11/07/how-much-to-save-monthly-on-80000-dollars-per-year-to-retire-with-1point5-million.html