45-year investment of $1,100 monthly at 8% return leads to $5 million retirement savings.
Retiring with $5 million in the U.S. is uncommon, with average savings for those aged 65-74 at $609,000. Achieving this goal requires a frugal lifestyle, early and consistent saving, and diversified investments. For instance, investing $1,100 monthly for 45 years at an 8% return can yield over $5 million. Additionally, understanding retirement income needs and leveraging Social Security are essential for effective planning.
October 03, 2024
4 Articles