Could you save a million dollars by retirement?

I don't know if's possible. I mean, I suppose if you started working early in life, saved your money and lived modestly you could possibly save that much. However, I'm going to be 40 in 6 months and I doubt I'd ever reach that since I don't invest and I have no savings. "COUNT YOUR BLESSINGS" **AT PEACE WITHIN** ~~STAND STRONG IN YOUR BELIEFS~~

I would love to, but I don't think this is possible. I think one of the best ways to accomplish this would be to start at a very young age, like with your first job, at age 16. I have not done that, so I am way behind. But I'm not too worried about it. I'll work with whateve I have at the time.

Well, they aren't saying that you would physically put $1,000,000 into the bank yourself, the theory is that starting to invest early gives your interst time to compound and grow. Compounding interest is when the interest you earn goes back into the account an begins to earn more interest. Say you put $1000 in the bank when you were 20, and only earned 5%APY interest on it. After 1 year you only have $1050, which isn't much more than you started with, but if you just let it sit until you were 65, 40 years of compounding interest would give you $7040 without ever putting in any of your "own" money after the initial $1000 deposit. But,if you waited until you were 35 to put in that $1000, you only have 20 years for it to grow and would only end up with $2653 by the time you were 65 for the same inital investiment. In fact, even if you double your investiment to $2,000 for 20 years, it would only give you $5,307. That's why they say it is better to start saving a little earlier rather than a lot later.

I think it's possible for a lot of people that won't actually do it. But I do think there are some people that really couldn't do it. I don't think I'm going to save a million dollars by the time I retire. We have already started saving for retirement, though. But it's only a few thousand. Plus my husband is in the military and plans on making it a career, so he will have that retirement plan. I think we will be able to live comfortably after he retires the second time, but we won't be millionaires.

I think this is very difficult to save one dollars. I think invest a little of your earning every month, and make sure the money grows 10% every year. Then after some years, you will get a surprise.

Well, few years ago , my brother was trying to help my kids learn about retirement savings. He did the math and it turned out that if they were to put $2,000 a year into an IRA or Roth IRA, every year for 6 years and then just let it roll over every year until they reach 65, that they'd have 1.5 million dollars in that account. Now that was in 2000 that he did this and I dont' remember interest rates issues, but I'd ventrue to say that generally speaking the same thing would apply today. Maybe you'd have to do the $2,000 for 7 or 8 years, but still, the possibility is there. now you just have to come up with the extra $2,000 a year!

I hope we can. Money does not go as far as it used to. I think for my family we need that much to even thing about retiring. We are living off one income now but we are working hard to save for retirement so we hope to be ready. It is scary to think about really.

ok, lets be realistic here. i suppose that if you didn't have kids or any possibility of job loss, that you could save a fairly good amount. my hubby has lost his job a couple of times, so we have had to rely on credit cards to pay our day to day stuff, now we are making a lot less (even with me working) and still paying off stuff...and we live pretty frugally as well! a nice dream though lol!

To me it is impossible to save a million RMB let alone dollars. If I could have that much by the time when I get retired, it would be so nice, but that is only a dream to me though I have some small investment. It doesn't make much, just enough for some food.

Um....I dont think its quite possible unless you make ALOT of money but its a great goal! I did see a blog one time that was about someones goal to save at least one million dollars for retirement. And they recorded their earnings and totals and how they earned extra money ect. This girl was about my age (22). I wish her and everyone else luck becuase I know I would never beable too, LOL