How to Save $1 Million by Retirement | Retirement
How much will you need for retirement? For many people, the magic number seems to be $1 million.“I think a million dollars is a good goal to have in mind, but it depends on a person’s unique circumstances,” says Mindy Yu, director of investing for Betterment, a 401(k) retirement plan provider. Your specific retirement savings needs will depend on factors such lifestyle choices and the cost of living in your area.While saving $1 million for retirement may seem daunting, it can be a doable goal, especially if you follow these tips:Start Saving at an Early AgeWhen it comes to amassing a large nest egg, nothing may be more important than time in the market. By opening and funding a retirement account early, workers can maximize the power of compounding gains.“It can be a 16-year-old putting $...