How to Retire with $3 Million on a $50,000 Salary
Three million dollars can buy you a Bugatti Chiron, about a million cups of coffee from Starbucks, or a six-figure retirement income. Owning a car that goes from zero to 60 miles per hour in less than three seconds or having a lifetime supply of coffee sound like nice options, but hopefully you agree that a comfortable retirement is the obvious choice of the three. Read on to learn how you can get to a $3 million savings when you make an average salary of $50,000 a year.
A retirement savings calculator will tell you that to amass $3 million, you need to contribute $1,143 monthly for 40 years straight at a 7% annual return. That contribution level is roughly 27% of your $50,000 salary and probably several times what you can afford to save currently. Thankfully, retirement calculators don't tell you the whole story. You do have options to secure a carefree, financially independent retirement. Here are three to consider.
Image source: Getty Images.
Source Fool.com
