Here's how much money you need to save each month to retire with $2 million if you make $150,000 a year
Publishing timestamp: 2023-11-22 11:43:28
Summary
The article discusses the mixed feelings of American workers earning six-figure incomes about whether they are saving enough to retire. It provides statistics on retirement account balances for different income levels and discusses the factors that determine the amount of money needed for retirement. The article also calculates how much individuals need to set aside each month to retire with $2 million at age 67, based on different starting ages and annual rates of return. It emphasizes the importance of compound interest and being aware of contribution and income limits for retirement accounts. The article concludes by advising readers to focus on their savings rate and take action to catch up on retirement savings.
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Keywords: retirement planning, personal finance, american vanguard corp, personnel, social issues, charles schwab corp, labor economy,