Use This Calculator To Find Out How Much You Need To Save To Retire Comfortably
Image via Shutterstock
While it seems difficult to attain a reasonable amount for financial freedom, it might actually be easier than it seems.
According to calculations by investment help website Grow, 25-year-olds of today will require at least a million dollars to live comfortably during retirement.
But the goal isn’t actually that far, especially if you have a bank account with compound interest. CNBC has prepared a calculator to break down how much you will need to save up to reach a million by retirement, based on your current age and income.
The way it works is pretty straightforward. You’ll simply have to enter your age, when you expectto retire by, your current income, and how much of it you’re saving each month.
The free tool will then project a retirement savings goal for you, as well as suggest how much to save per month. It will also advise lifestyle habits you can pick up to make the goal much more achievable.
Try it out here.
[via CNBC, cover image via Shutterstock]
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