Good news: A $60,000 salary is rich enough to support a millionaire retirement goal. Even better, the contribution rate needed to reach $1 million in savings could be as low as 8% of your salary. That contribution rate is often manageable -- especially if you have a 401(k) with employer match.
Now for the bad news: The contribution rate gets higher, and fast, if you don’t start saving in your mid-20s. Not only that, but a shorter timeline allows less room to recover from investing mistakes or unexpected financial emergencies.
No matter when you start saving, it pays to be methodical about your retirement savings process. Follow a plan and you'll be quicker to adjust if something goes wrong. You'll also feel more confident in your decision-making.
Get going in the right direction with this nine-step process that'll take you to $1 million in retirement savings on a $60,000 salary.
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