Here's How Investing $50 per Week Could Be Enough for You to Retire a Millionaire
If you were to save $50 each week, that would result in an annual savings of $2,600. Over the span of 30 years, that's $78,000. That's not something you can retire on. But if you invested those savings into a safe growth stock, you could potentially have $1 million by the time you retire. Thanks to compounding and dividends, you can turn a $50-per-week investment into a nest egg that can help you live comfortably in your retirement years.
The S&P 500 averages a long-run return of approximately 10% per year. But it's possible to outperform that, especially when you factor in dividend income, which can help pad your profits. A couple of solid stocks that have generated consistent revenue growth over the years while also paying dividends are health insurance giant UnitedHealth Group (NYSE: UNH) and top drugmaker Eli Lilly (NYSE: LLY). In the past 10 years, their total returns (including dividends) have dwarfed the broad index.
Data by YCharts.
Source Fool.com
