The following will either scare you to death or thrill your soul, depending on how LONG you have to save up for your retirement. This is another in a series of posts encouraging you to START SAVING NOW.
You want to save a million dollars. How long will it take? How much should you save a month. What interest rate should you look for in your investments? Check out this simple chart:
| Monthly Amount | Interest Rate | Years | Amount |
| 6,452.00 | 5.00% | 10 | 1 Million |
| 5,516.00 | 8.00% | 10 | 1 Million |
| 4,464.00 | 12.00% | 10 | 1 Million |
| 2,454.00 | 5.00% | 20 | 1 Million |
| 1,745.00 | 8.00% | 20 | 1 Million |
| 1,087.00 | 12.00% | 20 | 1 Million |
| 1,221.00 | 5.00% | 30 | 1 Million |
| 705.00 | 8.00% | 30 | 1 Million |
| 325.00 | 12.00% | 30 | 1 Million |
| 672.00 | 5.00% | 40 | 1 Million |
| 308.00 | 8.00% | 40 | 1 Million |
| 102.00 | 12.00% | 40 | 1 Million |
This chart will teach you two VERY simple and VERY important things:
Start saving early! AND
Start saving early!