"Retirement Savings: How Much Do You Need to Earn $60k-$80k per Year in Interest?"
TL;DR Summary
CNBC has calculated how much you need to save every month to earn $60,000, $70,000, and $80,000 per year in interest for retirement. The calculations assume that you will retire at age 65 and currently have no money in savings. The numbers also assume a conservative annual 6% return when you are saving and an even more conservative 3% rate during your "interest-only" retirement. However, the calculations do not factor in inflation, taxes, or any additional income you may get from Social Security or your 401(k) investment plan.
- Here's how much you need to save every month to earn $60,000, $70,000 and $80,000 per year in interest for retirement CNBC
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- What Is the Average Retirement Savings Balance by Age? U.S News & World Report Money
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