A 20-year-old Reddit user, earning $13,000 monthly in emergency medical services, aims to save $1 million by age 30 for early retirement. With $85,000 already invested, he needs to contribute roughly $5,022.95 monthly over the next ten years, assuming a 7% annual return. After monthly expenses of $2,205, he has about $7,795 left to invest. Automating contributions can help him stay on track, while calculating his retirement spending needs is essential to ensure $1 million will support early retirement in his 40s.
To create a plan to save $1 million by age 30, he will first need to calculate how much to invest each month.
He should also make sure that his $1 million by age 30 target is sufficient to enable early retirement at 40.
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