How much to save for $1M by 62—and why it's doable
Saving a million isn't impossible. It’s not—it’s simple personal finance math and time. The earlier you start, the less you need to save every month. See exactly how much below.
"Someone's sitting in the shade today because someone planted a tree a long time ago."
Your $1M by 62 calculator
$
You need to save
$548/month
to reach $1,000,000 by age 62 (at 8% growth)
Why start early
Monthly saving needed at 8% growth:
| Starting Age | Years to 62 | Monthly Saving |
|---|---|---|
| 25 years old | 37 years | $410 |
| 35 years old | 27 years | $954 |
| 45 years old | 17 years | $2,469 |
| 55 years old | 7 years | $9,339 |
Tip: Don’t wait. Even a small amount today grows into a lot over 30 years. Start with what you can, and use the Credit Margin Score to find more room to save.
Related research
The ideas in this guide are backed by academic and policy research. We organize fundamental studies by Margin Score pillar on our Research page.
View research for this pillar →