Question

If your goal is to retire with at least $1 million, how long would it take—and how much would you need to invest each month—if your anticipated rate of return is 10%? At what age could you retire if you started investing at age 25?

Answer 1

There is no simple one size fits all answer to this question, because I need a few more variables to solve it. Or you can go to bankrate.com and use the millionaire calculator and figure it out on your own. I put a sample in the photo.

Hope this helps!;)

Explanation:

1. Your age= 25

2. Target age=? obviously you don't want to be too old to spend it.

3. Current investments=? how much are you starting with 0 or more?

4. Savings per month=? only you know how much you can set aside out of your income

5. Expected rate of return=10%

6. Expected inflation rate= 2.9% (last I heard 2021)