Let’s say you’re about 40, and you make $75,000 a year. You’re reading DailyWorth, so you’re saving 10% of your income, yearly.
Let’s also assume your boss gives you a 3% raise per year (thanks, Boss!), and you have $35,000 in retirement savings right now.
Are you saving enough?
A shocking 60% of workers say that their total household savings and investments come to less than $25,000.
How much will you have in 25 years, when you enter the golden age of gardening and RV-ing around the world?
- If you stick to your current rate, you’ll have a nest egg of $522,000
- If you increase your savings by just 1% now, you’ll have $568,500
- And if you increase it by 1% each year for the next six years (so you’re saving 16%), you could end up with a soul-satisfying $759,732.*We dare you:
Increase your savings by 1% today. Check out what that means for you, using this easy slider tool. Then, make it happen.
*Assumes an annual return of 5%