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How a 20 year old can save $1 million by age 65

04/20/2023 - Financial Wellness & Life Planning

How a 20-Year-Old Can Save $1 Million by Age 65

If you want a happy retirement, aiming to save $1 million for it is a good start. How much you need to save each month depends on your annual rate of return.

Your Rate of Return is a Big Deal

Each of these four 20-year-olds is starting with $0 and wants to have $1 million at age 65. See how their rate of return affects how much they need to save each month.

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Nora earns a 4% annual rate of return. She needs to save $662 each month.

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Cameron earns a 6% annual rate of return. He needs to save $363 each month.

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Owen earns an 8% annual rate of return. He needs to save $190 each month.

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Ava earns a 10% annual rate of return. She needs to save $96 each month.

Save Now, Smile Later

Planning today will prepare you for the future. Invest your money and watch it grow. Need an Investing Guide or Financial Advisor?1 Our financial advisors are here to help you learn how to invest and make the right choices for your portfolio.

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1. Wealth Management Services include WesBanco Trust and Investment Services (WTIS), a division of WesBanco Bank, Inc.; WesBanco Securities, Inc. (WSI), a wholly owned subsidiary of WesBanco, Inc. and a member of FINRA and SIPC; and WesBanco Insurance Services (WIS). WIS is licensed in the states of DC, IN, FL, KY, MD, MI, OH, PA, VA and WV. WTIS may invest in insured deposits and nondeposit investment products. WSI and WIS invest in nondeposit investment products. Nondeposit invest products are not insured by the FDIC, not bank guaranteed, not insured by an government entity and are subject to investment risk, including possible loss of principal amount invested. Investment options identified in this article may not all be available through the various WesBanco entities.

Content is for informational purposes only and is not intended to provide legal or financial advice. The views and opinions expressed do not necessarily represent the views and opinions of WesBanco.

While we hope you find this content useful, it is only intended to serve as a starting point. Your next step is to speak with a qualified, licensed professional who can provide advice tailored to your individual circumstances. Nothing in this article, nor in any associated resources, should be construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today.

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