Here’s an article of interest as it highlights the salary that you need to earn in order to save 10% of your income in order to retire with $1 million.

CNBC calculated the amount you’d need to earn annually in order to save $1 million by 65 by putting 10% of your earnings into investments.

If you start saving at age 30:

• With a 4% rate of return, you need to earn $130,893 per year and save $1,090.78 per month.

• With a 6% rate of return, you need to earn $83,809 per year and save $698.41 per month.

• With an 8% rate of return, you need to earn $51,967 per year and save $433.06 per month.

Even if you don’t earn much now, save what you can and continue to increase your contribution into your retirement plan.

Original Article: https://www.cnbc.com/2019/08/22/salary-needed-to-save-10-percent-of-your-income-and-retire-with-1-million-dollars.html

Gracio Garcia is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS) 160 Gould Street, Suite 310, Needham, MA 02494, (781) 449-4402. Securities products/services and advisory services are offered through PAS, a registered broker-dealer and investment advisor. Field Representative, The Guardian Life Insurance Company of America (Guardian), New York, NY. PAS is an indirect, wholly owned subsidiary of Guardian. The Bulfinch Group is not an affiliate or subsidiary of PAS or Guardian. Life insurance offered through The Bulfinch Group Insurance Agency, LLC, an affiliate of The Bulfinch Group, LLC. The Bulfinch Group, LLC is not licensed to sell insurance. The Bulfinch Group is not registered in any state or with the U.S. Securities and Exchange Commission as a Registered Investment Advisor. PAS is a member FINRA, SIPC. 2019-85227 Exp 8/21