Want to Retire With $1 Million? Start Saving by This Age
Editor:
Julia Glum
Julia Glum
News Editor | Joined February 2018
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Workers seem to know how much money they need to be comfortable in retirement — previous surveys suggest that it's over $1 million. But what they often don't know is when, exactly, they need to start saving in order to reach that goal.
It looks like we now have an answer.
Research from the Milken Institute, a nonpartisan think tank, shows you should begin saving regularly for retirement by 25 if you hope to retire with at least $1 million set aside. Missing that deadline won't kill your hopes of a million-dollar retirement completely, of course, but the data sheds light on the importance of starting out young when it comes to saving.
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