How to Hit 1 Million Dollars by Retirement at 62
Troy Sharpe: I’m going to show you how to use our calculator so you can calculate at what age you’ll reach your retirement savings goal.
Troy: Hi, I’m Troy Sharpe, CEO of Oak Harvest Financial Group and a Certified Financial Planner professional. We have several calculators on the website and they’re designed for you. You can get in there, you can play with some of the variables, and that’ll help you plan either how much to save or when you can expect to retire. You can look at different interest rates and the impact of growth. We’re going to hop right into it.
On our homepage, oakharvestfg.com, if you come here to the Knowledge Center, you’ll see calculators. If you click on this Retirement Age Calculator, what we’re really calculating here is the projected retirement age based on an amount that you want to have at retirement. If you are 28 years old now, you have $16,000 let’s say in your 401k, and you can save $750 a month at 5.5% interest, if we simply hit “Calculate,” we’ll see that we can hit that $1 million target, at age 62, we’ll make 409 contributions.
This is how much you’ll put in, but $679,000 of that 1 million is what you’ll earn in interest over that time period at 5.5%. If we look here at one of the variables and we change this, let’s say we want to be a bit more aggressive and markets cooperate. Let’s say we put in 8% hit “Calculate.” Now we’ll hit it by age 55. We will have only put in 259,000, and of that 1 million, 741,000 will be will be interest.
I want you to go to oakharvestfg.com, go to the Knowledge Center, click on the Retirement Age Calculator, and start to input some of your own numbers there. It’s all confidential. We don’t have access to what you put in. We don’t ask for your contact information. It’s just for you to enjoy and to plan so where you’re at so we can keep you better connected to your money.
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