Here's how much millennials at every age need to have saved right now to retire at 67 (via CNBCMakeIt)
over the course of your lifetime to retire comfortably. But it can be confusing to know how much that means you need to be saving right now.did the math for you, and it turns out that you can probably squeak by with a little over a third of that $1 million benchmark saved if you invest it well.
That means if you start saving $8,775 a year, or about $730 a month, in a retirement account like a 401 over the course of the next 44 years, that $386,100 in savings will grow to over $1.7 million thanks to. Again, that's assuming you earn about a 6% rate of return. With that kind of savings, you'll have enough for about 50 years of retirement.
. That adds up to about $46,800 a year, which means that there's not a lot of room for luxuries, such as travel, if you're trying to stick to a $35,100 budget plus Social Security.If you don't have Blacktower's recommended amount saved, you're not alone. Older millennials had about $1,000 saved in their 401 accounts in 2016, which is the most up-to-date data on file, according to progressive think tankOlder Americans didn't fare much better.
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