Here’s how you can save $1 million for retirement on an annual salary of $70,000

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You can save $1 million for retirement while making $70,000 per year, but you should start investing as soon as possible. Here’s a breakdown of how much of your salary you’ll need to invest.
Consistently saving a small percentage of your salary is a simple way to ensure you’re prepared for retirement. As a rule of thumb, most financial advisors suggest you save 10% to 15% of your earnings.
If you want to retire with $1 million, you’ll need to invest about 9% of a salary of $70,000 starting in your 20s. Waiting until you’re older will require a larger portion of your pay. If you wait until your 40s, then that number jumps to 25% of your salary. This does not account for variables such as a possible pay increase or decrease, employer match, inflation or any other of life’s curveballs.
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Here’s how you can save $1 million for retirement on an annual salary of $70,000
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