What’s the Easiest Path to Becoming a Millionaire? Start in Your 20’s!

 
  • If you save $35.63 every two weeks starting at age 20 and earn the average historical return of the S&P 500 Index; at age 67 you will have $1,000,000.
  • If you save $98.21 every two weeks starting at age 30 and earn the average historical return of the S&P 500 Index; at age 67 you will have $1,000,000.
  • If you save $278.65 every two weeks starting at age 40 and earn the average historical return of the S&P 500 Index; at age 67 you will have $1,000,000.
  • If you save $863.12 every two weeks starting at age 50 and earn the average historical return of the S&P 500 Index; at age 67 you will have $1,000,000.

As you can see, the easiest route to becoming a millionaire is to start in your 20’s. Each decade you wait, the amount required to set aside increases substantially. Every person has different goals and having a million dollars by the time you retire at age 67 may or may not be one of them. This is up to each individual to decide how important this may be; just don’t be envious of your friend/co-worker who started work with you the same year and has a much larger 401(k) plan than you at retirement. Now you know what they did to make this happen!

Having a pot of money by itself doesn’t mean a whole lot. It’s what this pot of money allows you to do is what matters, such as: traveling to exotic places, building your dream home, accessing better healthcare options, etc. If you have questions on how much you need to save for retirement and the best way to build a successful retirement strategy, please give us a call and we will be honored to help!

Gary Popkes is a Certified Financial Planner® and Trust Officer with over 28 years’ experience helping people achieve their financial and life goals (in a 100% fiduciary capacity).

*Calculations are based upon 26 deposits per year (every two weeks) and averaging a 10% return through age 67. Since its inception in 1926, the S&P 500 Index annual return has averaged over a 10% return. This does not guarantee that the S&P 500 Index will average this return in the future.

Gary Popkes

Gary Popkes, CFP®
Senior Vice President
Phone: 605-332-3832
trust@frontierbk.com

 

 

 

Find Us Call Us Email Us Friend Us

Next Section

Back to Top