When I retire in 20 yrs i want close to $1,000,000 dollars ?

Question

What can I do to reach that goal ?

Answer 1

Realistically, you will probably want more than that. In 20 years $1M will be worth approximately $600k in today’s dollars. Not a lot to retire on. To get there, you need to start saving as much as you can. Take advantage of your 401k plan at work, max out your Roth IRA and, if possible, save more in a taxable account. Since you have a long time until you will need the money, you want to be as aggressive as you can so you should choose a selection of low-cost, high risk mutual funds.

I’d suggest reading both books on the “Must Read” list on the website below. They’ll teach you the basics.

Good luck!

Answer 2

"MSN money central" has a savings calculator that works great for finding out how much you will have if you put away such and such amount! Figure how much you want to live off each year during retirement... double it and add a zero... that is the simple calculation you can do for the amount of money you need to have invested in an IRA, mutual fund or other, and live off its interest.

Example : if you want $50,000 a year to live off, then double it = $100,000 now add a zero = $1,000,000... you will need this amount to get $50,000 in interest annually with out working.

Check out MSN money central and click on their "savings caclulator" it will tell you how much you need to put away each month or annually which ever you prefer... with the number of years you plan on working yet to achieve this amount. You are starting YOUNG..hit it hard and soon you will not have to work hard,,, but your money will work hard for you ! : )

Answer 3

Have you ever heard the phrase Profits are better than Wages, I work for myself, but with a company that pays me very well. You need to find something you can believe in that will get you all you want, but something that has residual income. A "job" that pays you is fine, but you are trading time for money and they control almost all of your life. You can make that money so much faster if you where really paid for your efforts and not just your time. If you would like more info on what I do, just email me at [e-mail].

Answer 4

You need to invest a little over $20,000 a year in a tax sheltered account, such as a 401K or an IRA, with a rate of return of 8%.

Answer 5

Save $50,000 a year for the next 20 years.

Answer 6

If I gained £a million,000,000 on the lottery, i might purchase a penthouse house interior the city centre Manchester, and purchase a great style of Vivienne Westwood outfits. i might get laser eye therapy and function a nostril activity. Then i might supply some money to my mothers and fathers for bringing me up, and a few to my sisters and my bro. i would not supply any to my boyfriend because of the fact he's rather wealthy already, so he would not prefer the money. i might then make investments something of the money on shares and shares. i might shop on my learn and nonetheless paintings area time.

Answer 7

Consult with a reputable financial consultant about how you can achieve this goal as painlessly as possible. There are many strategies for saving and investing. It is very good that you are thinking about this. Too many people never plan this out. Good luck........G

Answer 8

Save put money in an ira and a 401(b)

Answer 9

Max out your 401k or other qualified plan...

Pay off ALL your debts now...

Buy what you need, not what you want.

Hire a smart financial planner such as myself ( And humble, too )

Answer 10

work hard, earn lots of money & save most of the portion for retirement.