Here’s How Much You Should Save Each Month To Retire by 70

If you’re not planning to retire until age 70, you’re buying yourself a bit of extra time to save and invest . The official retirement age for Social Security is 67 for those born in 1960 or later, so retiring at 70 instead of 67 or 65 can go a long way toward boosting your retirement nest egg.

Regardless of when you retire, however, the earlier you start to save, the better off you’ll be. Of course, investment returns play a big role in the size of your retirement account as well. The stock market has had a long-term average return of 10% per year, doubling your money in roughly every seven years. But even if you play it more conservatively and earn just a 6% annual return, you can still achieve a seven-digit retirement account — you’ll just have to sock away more money every month and/or start earlier.

Whether you’re looking to amass $1 million or $2 million, here’s a look at how much you should save each month, by investing in different assets, to retire by 70 .

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Age 20

• Monthly savings to reach $1 million, earning 6%: $264
• Monthly savings to reach $1 million, earning 10%: $58
• Monthly savings to reach $2 million, earning 6%: $528
• Monthly savings to reach $2 million, earning 10%: $115

If you start saving for retirement at 20, you’ll have a whopping 50 years to build your nest egg if you retire at 70. With the right investment returns, less than $100 per month could easily push you past the $1 million mark if you invest consistently.

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Age 30

• Monthly savings to reach $1 million, earning 6%: $502
• Monthly savings to reach $1 million, earning 10%: $158
• Monthly savings to reach $2 million, earning 6%: $1,004
• Monthly savings to reach $2 million, earning 10%: $316

Once you reach age 30, you’ll likely be earning more than you did in your 20s. If you can avoid the temptation of “lifestyle creep,” where your expenses rise with your earnings, you can instead sock that money away and reach the dream of a seven-figure nest egg by the time you retire at age 70.

Age 40

• Monthly savings to reach $1 million, earning 6%: $996
• Monthly savings to reach $1 million, earning 10%: $442
• Monthly savings to reach $2 million, earning 6%: $1,992
• Monthly savings to reach $2 million, earning 10%: $885

At age 40, you’ll still have 30 years for compound interest to do most of the heavy lifting in terms of building your retirement account. However, you’ll still need to sock away more money every month than if you were still in your 20s.

Age 50

• Monthly savings to reach $1 million, earning 6%: $2,164
• Monthly savings to reach $1 million, earning 10%: $1,317
• Monthly savings to reach $2 million, earning 6%: $4,328
• Monthly savings to reach $2 million, earning 10%: $2,634

Once you reach age 50, you’ll be in your peak earning years. That makes it a great time to boost your retirement plan contributions. After age 50, you’re also eligible to make catchup contributions to your IRA and/or 401(k) plans, something that can make it easier for you to hit your retirement goals 20 years out.

Age 60

• Monthly savings to reach $1 million, earning 6%: $6,102
• Monthly savings to reach $1 million, earning 10%: $4,882
• Monthly savings to reach $2 million, earning 6%: $12,204
• Monthly savings to reach $2 million, earning 10%: $9,764

Starting a retirement savings plan at age 60 is a tall order, even if you’re not planning on retiring until 70. With only 10 years available to save and invest, you’ll have to set aside large sums of money if you want to reach even a $1 million account value, let alone $2 million. But it may still be possible, depending on how much you earn and what return you can generate with your investments.

This article originally appeared on GOBankingRates.com : Here’s How Much You Should Save Each Month To Retire by 70