The coronavirus crisis may be pushing back a lot of retirement plans.
Nearly 30% of Americans say they have decreased or even stopped saving in 2020.
Unfortunately, those missed contributions can equal a lot of money decades into the future.
If you begin now, you can save $1 million, $2 million or $3 million — with the right amount of time and dedication. How much you’ll need to save every month will depend on how old you are when you start and how much money you want for retirement.
Personal finance site NerdWallet crunched the numbers, broken down by age group, to show how much you’ll have to stash away every month.
First, let’s go over how we got there. The math assumes you have no money in savings, that your investments will earn 6% annually and that you retire at 67.
Check out this video to see how you can make it happen.
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.