So, one million isn’t enough for you, right?  I know it’s not enough for me.  I know I need much more than that.  Will $2 million cover you in retirement?  If so, are you on the right path to meet that goal?  About how much money should you have at your age?

 

Age 21: $0 Age 32: $77989 Age 43: $279236 Age 54: $798538
Age 22: $4441 Age 33: $89449 Age 44: $308808 Age 55: $874847
Age 23: $9282 Age 34: $101941 Age 45: $341042 Age 56: $958025
Age 24: $14558 Age 35: $115557 Age 46: $376177 Age 57: $1048688
Age 25: $20310 Age 36: $130399 Age 47: $414475 Age 58: $1147512
Age 26: $26579 Age 37: $146576 Age 48: $456219 Age 59: $1255229
Age 27: $33413 Age 38: $164209 Age 49: $501720 Age 60: $1372641
Age 28: $40861 Age 39: $183429 Age 50: $551316 Age 61: $1500620
Age 29: $48980 Age 40: $204379 Age 51: $605375 Age 62: $1640117
Age 30: $57829 Age 41: $227214 Age 52: $664300 Age 63: $1792169
Age 31: $67475 Age 42: $252105 Age 53: 728529 Age 64: $1957905

Age 65: $2138558

 

Assumptions:

You put away $4250 per year (notice you have to save a lot more than when you are saving for a measley one million $)

You earn 9% on your investments (yeah, I cranked it up 1% from last time)

Observations:

Notice how the money takes on a life of it’s own as you get older and your investment balance increases?  Your individual contributions tend to matter less and less as you get closer to age 65.  I love compound interest.