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2X your annual salary

May 21st, 2007 at 12:23 am

I read an article today that said if you could save 2 times your annual salary, you had a pretty good chance of being a millionaire. Because you would keep saving, but your money would also grow at a good rate.

Posted in Uncategorized | 5 Comments »

5 Responses to “2X your annual salary”

  1. disneysteve Says:
    May 21st, 2007 at 01:47 am 1179712022
    1179712022

    By what age were they referring to? It would make a big difference if you hit that 2x salary at age 30 vs. hitting it at age 50.

  2. Ima saver Says:
    May 21st, 2007 at 12:51 pm 1179751874
    1179751874

    They said around age 40>

  3. Aleta Says:
    May 21st, 2007 at 07:02 pm 1179774168
    1179774168

    But they don't specify whether they are talking retirement funds or regular savings. Those things always throw me when they generalize like that.

  4. disneysteve Says:
    May 21st, 2007 at 09:33 pm 1179783186
    1179783186

    It also matters what your salary is. If you earn 30K/year, having 60K saved at age 40 just isn't going to get you anywhere close to a million by age 65.

  5. mairgrif Says:
    May 22nd, 2007 at 01:42 am 1179798120
    1179798120

    If I remember the article correctly, it did not say you would become a millionaire, but that you would be in good shape to have a sustainable retirement fund in place by retirement age. I also believe they were referring to retirement savings, not other savings.

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