A four percent annual return:
$33 per day
$982 per month
$11,769 per year
A six percent annual return:
$21 per day
$610 per month
$7,413 per year
An eight percent annual return:
$12 per day
$366 per month
$4,552 per year
A 10 percent annual return:
$7 per day
$213 per month
$2,755 per year
Of course, depending on when you want to retire and what you want your lifestyle to look like in retirement, you may need more or less than $1 million. To help you figure out how much money you need to fund your golden years, check out NerdWallet’s retirement calculator.
Next, put your money to work. The simplest starting point is to invest in your employer’s 401(k) plan, a tax-advantaged retirement savings account. Next, consider alternate retirement savings accounts, such as a Roth IRA, traditional IRA and/or a health savings account.
You can also research low-cost index funds, which Warren Buffett recommends, and online investment platforms known as robo-advisers.
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