The sooner you start saving on a regular basis the more attainable this goal will seem. The chart below shows how affordable it can be if you start earlier, versus later in life. The numbers below illustrate what it takes – per year, month and week – for Canadians ages 18 to 50 to reach $1 million by age 65.
| Age | Yearly | Monthly | Weekly |
| 18 | $2,919 | $248 | $57 |
| 25 | $4,672 | $396 | $92 |
| 30 | $6,636 | $563 | $130 |
| 35 | $9,597 | $814 | $188 |
| 40 | $14,233 | $1,207 | $279 |
| 50 | $35,915 | $3,046 | $704 |
The numbers in this chart assume a growth rate of 6% indexed to get to $1 million, and 2% inflation. This table is for illustrative purposes only utilizing various assumptions to demonstrate the importance of compound growth on a given investment. They are not intended to reflect, nor should they be interpreted, as an indication of future values or returns on investments.
“How Easy Is It To Save $1 Million.” Advisor.ca, 1 May 2017, http://www.advisor.ca/sun-life-retirement/investments-and-income/how-easy-is-it-to-save-1-million-232374
Call our office to discuss your path to retirement and to ensure that you have regular deposits setup that will allow you to meet your financial goals for the future.
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