If you start at 30 Earning a 3% annual rate of re
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(Total Views: 83)
Posted On: 01/14/2024 8:09:06 AM
If you start at 30
Earning a 3% annual rate of return: $2,690 per month
Annual salary needed if you save 10% of your income: $322,833
Annual salary needed if you save 15% of your income: $215,222
Earning a 5% annual rate of return: $1,753 per month
Annual salary needed if you save 10% of your income: $210,374
Annual salary needed if you save 15% of your income: $140,249
Earning a 7% annual rate of return: $1,104 per month
Annual salary needed if you save 10% of your income: $132,482
Annual salary needed if you save 15% of your income: $88,322
Earning a 10% annual rate of return: $522 per month
Annual salary needed if you save 10% of your income: $62,691
Annual salary needed if you save 15% of your income: $41,794
Not everyone is aiming to retire as a millionaire, but it’s important to have an idea of how much you’ll need to cover your expenses after you stop working. CNBC Make It’s retirement calculator can give you an idea of how much you should aim to save for retirement based on factors like your current age, savings and income.
And remember, it’s OK to start with what you can, even if you can’t put away 15% of your income right now. The key to reaching your retirement savings goals is to find a strategy you can stick with and consistently make contributions, according to Fidelity.
“When it comes to long-term saving, time is a powerful force and it’s on your side,” says Fidelity’s March Viewpoints report. “The earlier you begin saving and investing, the lower your savings rate can be throughout your career thanks to the power of compounding.”
Earning a 3% annual rate of return: $2,690 per month
Annual salary needed if you save 10% of your income: $322,833
Annual salary needed if you save 15% of your income: $215,222
Earning a 5% annual rate of return: $1,753 per month
Annual salary needed if you save 10% of your income: $210,374
Annual salary needed if you save 15% of your income: $140,249
Earning a 7% annual rate of return: $1,104 per month
Annual salary needed if you save 10% of your income: $132,482
Annual salary needed if you save 15% of your income: $88,322
Earning a 10% annual rate of return: $522 per month
Annual salary needed if you save 10% of your income: $62,691
Annual salary needed if you save 15% of your income: $41,794
Not everyone is aiming to retire as a millionaire, but it’s important to have an idea of how much you’ll need to cover your expenses after you stop working. CNBC Make It’s retirement calculator can give you an idea of how much you should aim to save for retirement based on factors like your current age, savings and income.
And remember, it’s OK to start with what you can, even if you can’t put away 15% of your income right now. The key to reaching your retirement savings goals is to find a strategy you can stick with and consistently make contributions, according to Fidelity.
“When it comes to long-term saving, time is a powerful force and it’s on your side,” says Fidelity’s March Viewpoints report. “The earlier you begin saving and investing, the lower your savings rate can be throughout your career thanks to the power of compounding.”
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