With inflation and the rising costs of goods and services, retirement planning is essential. Most financial advisors say that you want to retire with at least a million dollars. Unfortunately, many times people do not know how to save to make a million dollars for retirement. This allows you to earn $40,000 per year without taking away from the million dollars as your cash can earn you that money every year, tax free.

If you start at the age of 21 and want to retire at age 65 with a million dollars, you need to save about $400/month for retirement. This assumes an average 6% growth per year.

I want you to calculate the needed monthly savings to retire at age 67 with one million dollars if you start at age 25, 30 and 35. You should have 3 answers. Look for online calculators to complete this task. If you want to retire at a different age, choose that age instead, but still use the starting ages of 25, 30 and 35.

EX:

I want to retire at age 67.

If I starting saving at:

Age 25: ###/month

Age 30: ###/month

Age 35:###/month