--- title: How to Save a Million Dollars Before You Retire description: Do you dream of entering retirement with a million dollars saved up? Whether you're 20, 40, or somewhere in between, saving a million dollars is possible - but you've got to make a plan, start now, and stick with it all the way 'til retirement. image: https://go.hfcu.org/hubfs/images/money.jpg --- [![MoneyWisdom_HFCU_r2](https://go.hfcu.org/hs-fs/hubfs/MoneyWisdom_HFCU_r2.png?width=464&name=MoneyWisdom_HFCU_r2.png "MoneyWisdom_HFCU_r2")](https://go.hfcu.org/blog) Filter by Category** - [Show All](https://go.hfcu.org/blog) - [Security](https://go.hfcu.org/blog/topic/security) - [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) - [Auto](https://go.hfcu.org/blog/topic/auto) - [Business](https://go.hfcu.org/blog/topic/business) - [Credit Score](https://go.hfcu.org/blog/topic/credit-score) - [Home](https://go.hfcu.org/blog/topic/home) - [Credit Cards](https://go.hfcu.org/blog/topic/credit-cards) - [Life Changes](https://go.hfcu.org/blog/topic/life-changes) - [Insurance](https://go.hfcu.org/blog/topic/insurance) - [Investments](https://go.hfcu.org/blog/topic/investments) Filter by Category** - 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[dormant account (1)](https://go.hfcu.org/blog/topic/dormant-account) - [inactive account (1)](https://go.hfcu.org/blog/topic/inactive-account) # How to Save a Million Dollars Before You Retire ** [MaryJo Kurtz](https://go.hfcu.org/blog/author/maryjo-kurtz) ** Jul 12, 2017 ![](https://go.hfcu.org/hubfs/images/money.jpg)  No matter your age, there is an answer to this question. And I’ll share it with you in this blog. Depending on how old you are and how much you have in savings, you are either going to like the answer or not.I was driving to work this week when I heard [a financial planner on the radio](http://boston.cbslocal.com/2016/05/23/retirement-myth-1-i-can-wait-until-im-earning-more-money-to-save-for-retirement/) explain that to reach a million dollars in your retirement nest egg at age 67, you will need to save $166 a month ($2,000 a year) beginning at age 20. That seemed doable and a piece of advice I was looking forward to sharing with my two children. The financial planner then went on to explain that if someone waited until age 40 to save for that one million dollar retirement nest egg, that person would have to save $880 a month. That’s ***five times*** the amount needed by the 20-year-old! That’s probably not news to you – or even surprising – to hear. But it is certainly a blunt reminder about how important it is to put yourself on a savings plan and stick to it. So how much will you need to save every month if you want to reach the million-dollar mark by age 67? [This calculator](https://hfcu.balancepro.org/resources/calculators/cool-million-calculator), provided by our financial partner BALANCE, will help you find your number. Enter the number of years that you plan to save money, the average rate of return you expect from your savings, and your current tax bracket. What I like about this tool is that you can revisit it often to adjust as your financial situation changes. It can help you stay focused on your financial goal. To make it even easier to save, consider an automatic deposit into a savings account from your paycheck. Talk to your employer about your options.   [![Open a Premier Money Market](https://no-cache.hubspot.com/cta/default/118438/2bed8862-0c42-42b5-b8c7-d71050e606ba.png)](https://cta-redirect.hubspot.com/cta/redirect/118438/2bed8862-0c42-42b5-b8c7-d71050e606ba) ** [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) [** Top 4 Myths About Target Date Funds ](https://go.hfcu.org/blog/4-myths-target-date-funds) [** 6 Ways Kids Can Earn Money This Summer ](https://go.hfcu.org/blog/bid/184121/6-ways-kids-can-earn-money-this-summer) ### About Author ![MaryJo Kurtz](https://go.hfcu.org/hs-fs/file-2383552200-png/Blog_Authors/MaryJo_Kurtz.png) MaryJo Kurtz Related Posts [![Navigating Financial Challenges After a Job Loss](https://go.hfcu.org/hubfs/iStock-1444494544.jpg) Navigating Financial Challenges After a Job Loss ](https://go.hfcu.org/blog/job-loss) [![Three Tips to Build a Financial Safety Net](https://go.hfcu.org/hubfs/2-2.png) Three Tips to Build a Financial Safety Net ](https://go.hfcu.org/blog/safety-net) [![Traveling this summer? 9 credit card tips to know](https://go.hfcu.org/hubfs/two%20women%20at%20cafe%20on%20vacation.png) Traveling this summer? 9 credit card tips to know ](https://go.hfcu.org/blog/traveling-this-summer-9-credit-card-tips-to-know) ** - [**](http://www.facebook.com/share.php?u=https://go.hfcu.org/blog/how-can-i-reach-one-million-dollars-in-savings/) - [**](https://X.com/share?url=https://go.hfcu.org/blog/how-can-i-reach-one-million-dollars-in-savings/) - [**](http://www.linkedin.com/shareArticle?mini=true&url=https://go.hfcu.org/blog/how-can-i-reach-one-million-dollars-in-savings/&summary=&source=CeBIT) ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** The website you are about to visit is solely the responsibility of the merchant or other party providing the site. 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Moreover, Hanscom Federal Credit Union's privacy policies do not apply to any of the linked websites within this blog. Please consult the privacy disclosures on those linked sites for further information. ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "MaryJo Kurtz" }, "dateModified" : "August 25, 2023, 7:08:14 PM", "datePublished" : "2017-07-12 15:30:00", "description" : "Do you dream of entering retirement with a million dollars saved up? Whether you're 20, 40, or somewhere in between, saving a million dollars is possible - but you've got to make a plan, start now, and stick with it all the way 'til retirement. 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