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How long does it take to save $250,000? $500,000? $1 million? |
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The following chart illustrates how much money you will need to save annually and monthly to
reach different retirement savings goals. These numbers assume an 8 percent nominal rate of return; these figures are
for illustrative purposes only and do not reflect actual performance, or predict future results of any investment account.
In saving for retirement it is important to note the erosive effects of inflation. A sum of $250,000 today will be worth
less 20 years from now.
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Savings Goal
$250,000 |
Years Until
Retirement |
Must Save
Annually |
Must Save
Monthly |
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10 |
$17,257 |
$1,367 |
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15 |
$9,207 |
$722 |
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20 |
$5,463 |
$424 |
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25 |
$3,420 |
$263 |
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30 |
$2,207 |
$168 |
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35 |
$1,451 |
$109 |
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Savings Goal
$500,000 |
Years Until
Retirement |
Must Save
Annually |
Must Save
Monthly |
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10 |
$34,515 |
$2,733 |
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15 |
$18,415 |
$1,445 |
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20 |
$10,926 |
$849 |
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25 |
$6,839 |
$526 |
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30 |
$4,414 |
$335 |
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35 |
$2,902 |
$218 |
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Savings Goal
$1,000,000 |
Years Until
Retirement |
Must Save
Annually |
Must Save
Monthly |
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10 |
$69,029 |
$5,466 |
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15 |
$36,830 |
$2,890 |
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20 |
$21,852 |
$1,698 |
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25 |
$13,679 |
$1,051 |
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30 |
$8,827 |
$671 |
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35 |
$5,803 |
$436 |
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