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How to save $1 million by 65

… The idea behind this exercise, however, isn't to make predictions about the long-term returns for stocks and bonds. Rather, my point is to show that the more you save, the less you have to count on lofty returns. It's important to keep that in mind because ultimately we have more control over how much we save than the investment returns we earn.

— How to save $1 million by 65 | Money Magazine: Ask the Expert

Is it possible to save $1 million by 65? Sure, but understand the implications and assumptions. How much do you need to put away each month? I've always recommended people to start early and put time on your side. Open up a simple Roth IRA and start the ball rolling. Invest the minimums until you can afford to do more.  In fact, if you're already using ING Direct for your online savings account (which EVERYONE SHOULD BE DOING vs a brick and mortar location), you can open up Roth IRA with ING Direct (no account fees or minimums!)

No need to put away a gangload of money, start small. The key is to START

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Written by antnp

July 28, 2010 at 7:37 am

Posted in Uncategorized

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