Retirement Savings Starting at Age 24

How much could you have by 65 if you begin at 24? The page assumes $500 a month and a return of 6.5 percent a year. You can change both.

On the starting figures the balance at 65 is $1,224,461. Growth accounts for 80 percent of it.

Age you start saving

years

Age you retire

years

Amount already saved

Saved each month

Return per year

Balance at retirement: $1,224,461
Total you put in: $246,000
Growth: $978,461
Years of saving: 41

Year by year

Year	Total put in	Balance
25	$6,000	$6,182
26	$12,000	$12,778
27	$18,000	$19,816
28	$24,000	$27,325
29	$30,000	$35,337
30	$36,000	$43,886
31	$42,000	$53,007
32	$48,000	$62,739
33	$54,000	$73,122
34	$60,000	$84,202
35	$66,000	$96,023
36	$72,000	$108,636
37	$78,000	$122,093
38	$84,000	$136,452
39	$90,000	$151,772
40	$96,000	$168,119
41	$102,000	$185,560
42	$108,000	$204,169
43	$114,000	$224,025
44	$120,000	$245,210
45	$126,000	$267,815
46	$132,000	$291,933
47	$138,000	$317,666
48	$144,000	$345,123
49	$150,000	$374,418
50	$156,000	$405,676
51	$162,000	$439,027
52	$168,000	$474,611
53	$174,000	$512,579
54	$180,000	$553,089
55	$186,000	$596,312
56	$192,000	$642,431
57	$198,000	$691,637
58	$204,000	$744,140
59	$210,000	$800,158
60	$216,000	$859,928
61	$222,000	$923,701
62	$228,000	$991,745
63	$234,000	$1,064,346
64	$240,000	$1,141,809
65	$246,000	$1,224,461

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How the balance is worked out

Turn the yearly return of 6.5 percent into a monthly rate of 0.5417 percent by dividing by twelve. Apply that rate to the balance once a month for 492 months. Add $500 at the end of each month. Nothing else goes into the result.

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Worked example

Picture saving $500 a month for the 41 years between age 24 and 65. At a steady 6.5 percent that adds up to $1,224,461.

Each dollar you deposit becomes about 4.98 dollars by 65. For $500 a month that turns $246,000 into $1,224,461.

Questions about this calculator

How much does waiting 5 years cost when saving $500 a month from age 24 to 65 at 6.5 percent?

Starting at 29 with the same $500 ends at $859,928 instead of $1,224,461. That is $364,532 less.

How much a month would it take to reach $1,000,000 by 65 from age 24 at 6.5 percent, compared with $500?

About $408 a month at 6.5 percent. That is $92 less than the $500 in the example.

What if you saved double, $1,000 a month, from age 24 to 65 at 6.5 percent?

The balance at 65 would be about $2,448,921 instead of $1,224,461. That is 2 times as much.

What if returns averaged 5 percent instead of 6.5 percent for $500 a month from age 24 to 65?

The $500 a month would reach $808,187 by age 65. That is $416,274 less than the $1,224,461 shown at 6.5 percent.

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This page is for education only and is not financial or tax advice.