Question of the Week

Question:
How much would I need to save monthly to have $1 million when I retire?

Answer:
$160 Contributed Monthly

Questions to think about:

•  How does $160/month over 40 years (which is a total of $1,014,810.38) become over $1 million? (Hint: think about compounding)

•  Do you think that you will invest at least $160/month? Less? More? Why or why not?

•  Now that you have seen the power of compounding, when would you recommend someone start investing?

Source: Investor.gov