"Retire with $1 Million: How to Save Enough on a $65,000 Salary"

1 min read
Source: CNBC
"Retire with $1 Million: How to Save Enough on a $65,000 Salary"
Photo: CNBC
TL;DR Summary

Financial advisors suggest saving 10-15% of your salary for retirement, but the percentage needed to reach $1 million varies based on when you start investing. CNBC provides a breakdown for someone making $65,000 per year, assuming retirement at age 65 and no current savings. The calculations assume a gradual shift to more conservative investments and an average annual 6% return. Factors like inflation, taxes, pay increases, and unexpected expenses should be considered when planning for retirement.

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