How Much Do You Need to Save Each Day to Become a Millionaire

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Anyone who has ever undertaken a massive project, or achieved a seemingly unreachable goal, knows that the key to success lies in preparation. This seems like a no-brainer, but your odds of success plummet rapidly the less time you devote to preparation. Surprisingly, many people still continue to neglect this vital step.

Among the goals many people consider impossible, but can be attained with proper planning and determination, stands the holy grail of comfortable retirement. Too many retirees these days live on insufficient savings and inadequate Social Security checks. A little planning now can go a long way toward ensuring your own comfort and security during retirement.

As the saying goes, “the journey of a thousand miles begins with a single step”. Similarly, the best way to save a million dollars begins with investing a little each day. Of course, starting early helps a lot, but it’s still attainable at almost any age. It will take preparation, planning, determination, and patience, but anything worth doing requires every one of those. If success were easy, it would have no value.

The real question becomes exactly how much do you need to set aside each day to retire a millionaire? The answer depends on several factors, such as your age when you start, and how much you already have set aside. The lifestyle you want to live after retirement also plays a big role in how much you’ll need to save for retirement, something you’ll need to consider during your planning and preparation phase.

The infographic below breaks down exactly how much you’ll need to set aside each day, based on your age, and how much you already have saved. Take a look here and start planning now! Taking the time to do this today can make or break your retirement goals.

Via: InvestmentZen.com

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