That might be right.
For example, a 50-year old who makes $120,000 per year abd saving 20% or $2,000 per month will have $619,548.45 at age 67 (this includes a starting balance of $10,000.00 and a 4.25% annual rate of return).
What would saving 20% mean for you? You can find out with this calculator.
Jim Lorenzen is a CERTIFIED FINANCIAL PLANNER® professional and An Accredited Investment Fiduciary® in his 21st year of private practice as Founding Principal of The Independent Financial Group, a fee-only registered investment advisor with clients located in New York, Florida, and California. He is also licensed for insurance as an independent agent under California license 0C00742. IFG helps specializes in crafting wealth design strategies around life goals by using a proven planning process coupled with a cost-conscious objective and non-conflicted risk management philosophy. The Independent Financial Group does not provide legal or tax advice and nothing contained herein should be construed as
securities or investment advice, nor an opinion regarding the appropriateness of any investment to the individual reader. The general information provided should not be acted upon without obtaining specific legal, tax, and investment advice from an appropriate licensed professional.