Who wants to be a Millionaire?

Below is a retirement savings chart from consumer activist/guru Clark Howard. He subtitles it with the phrase: The key to becoming a millionaire by age 65 is to start saving early!!!

15 $2,000 50 $2,327,934
25 $2,259 40 $1,000,000
35 $6,079 30 $1,000,000
45 $17,459 20 $1,000,000
55 $62,745 10 $1,000,000

It takes a bit of discipline to plan ahead. When I was young I could not even envision a reason to save for my senior years. As I got older I began to understand that one day I wanted to retire. Fortunately when I was 39 my company converted my long term savings into a 401k and I could no longer withdraw the money with out experiencing steep penalties. Consequentially I left it in and was so glad that I did.

Are you planning to retire one day? Do you know how you will do it?

1 comment:

I love to get comments and usually respond. So come back to see my reply. You can click here to see my comment policy.