Here's the salary you need to earn to save 10% of your income and retire with $1 million. (via CNBCMakeIt)
and save $1,938.57 per month. contributions)With an 8% rate of return, you need toTo be sure, these are high salaries. In fact, theFor further context, the average American's 401 plan grew at a compound annual average rate of
Although these numbers can be a helpful tool in figuring out how much you should be earning and saving to enjoy a seven-figure retirement, they don't take into account the many ups and downs you may experience over your lifetime, including periods of unemployment or sudden financial windfalls or losses.
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