{"id":509,"date":"2019-08-01T15:26:19","date_gmt":"2019-08-01T07:26:19","guid":{"rendered":"https:\/\/www.syfe.com\/magazine\/?p=509"},"modified":"2021-02-24T09:47:43","modified_gmt":"2021-02-24T01:47:43","slug":"this-is-how-much-you-need-to-save-each-month-to-retire-a-millionaire","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/magazine\/this-is-how-much-you-need-to-save-each-month-to-retire-a-millionaire\/","title":{"rendered":"Why The $15 Millionaire Retirement Plan Works"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"833\" height=\"574\" data-attachment-id=\"1406\" data-permalink=\"https:\/\/www.syfe.com\/magazine\/this-is-how-much-you-need-to-save-each-month-to-retire-a-millionaire\/hot-asian-couple-2\/\" data-orig-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2020\/02\/hot-asian-couple-2.png\" data-orig-size=\"833,574\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"hot-asian-couple-2\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2020\/02\/hot-asian-couple-2-300x207.png\" data-large-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2020\/02\/hot-asian-couple-2.png\" src=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2020\/02\/hot-asian-couple-2.png\" alt=\"\" class=\"wp-image-1406\" srcset=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2020\/02\/hot-asian-couple-2.png 833w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2020\/02\/hot-asian-couple-2-300x207.png 300w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2020\/02\/hot-asian-couple-2-768x529.png 768w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2020\/02\/hot-asian-couple-2-100x70.png 100w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2020\/02\/hot-asian-couple-2-218x150.png 218w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2020\/02\/hot-asian-couple-2-696x480.png 696w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2020\/02\/hot-asian-couple-2-610x420.png 610w\" sizes=\"auto, (max-width: 833px) 100vw, 833px\" \/><\/figure>\n\n\n\n<p>Retiring with at least seven-figures in your bank account may seem but a dream, but we\u2019re here to tell you it is more attainable than striking the Toto jackpot. With some planning and discipline to start saving and investing early, retiring a millionaire is entirely possible.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How much you need to save each month<\/strong><\/h2>\n\n\n\n<p>To illustrate just how achievable that $1 million goal is, we created a chart showing how much you need to save each month to become a millionaire by age 65.<\/p>\n\n\n\n<p>The chart assumes you\u2019re starting with zero dollars invested. It also assumes you invest your savings each month, at an average annual investment return of 8%. That is a fairly realistic return. For comparison, Singapore\u2019s <a href=\"https:\/\/www.straitstimes.com\/business\/companies-markets\/annualised-total-returns-of-92-over-10-year-period-for-sti\">Straits Times Index (STI) generated annualised total returns of 9.2%<\/a> from 2009 to the end of 2018.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"511\" data-permalink=\"https:\/\/www.syfe.com\/magazine\/this-is-how-much-you-need-to-save-each-month-to-retire-a-millionaire\/monthly-savings-to-become-a-millionaire-1\/\" data-orig-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2019\/08\/Monthly-savings-to-become-a-millionaire-1.png\" data-orig-size=\"600,371\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Monthly-savings-to-become-a-millionaire-1\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2019\/08\/Monthly-savings-to-become-a-millionaire-1-300x186.png\" data-large-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2019\/08\/Monthly-savings-to-become-a-millionaire-1.png\" src=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2019\/08\/Monthly-savings-to-become-a-millionaire-1.png\" alt=\"\" class=\"wp-image-511\" width=\"970\" height=\"600\" srcset=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2019\/08\/Monthly-savings-to-become-a-millionaire-1.png 600w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2019\/08\/Monthly-savings-to-become-a-millionaire-1-300x186.png 300w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2019\/08\/Monthly-savings-to-become-a-millionaire-1-356x220.png 356w\" sizes=\"auto, (max-width: 970px) 100vw, 970px\" \/><\/figure><\/div>\n\n\n\n<p>A 30-year old would only need to save $464 each month (about $15 a day) to have at least $1 million at 65. A 45-year old however, would need to save nearly <strong>four times<\/strong> more ($1,747 each month or about $58 a day) just to have at least $1 million. And if you only start at age 55, you would need to save a whopping $5,517 to retire a millionaire.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Starting earlier pays off<\/strong><\/h2>\n\n\n\n<p>As the chart shows, the earlier you start saving and investing, the less you have to save each month. That\u2019s the magic of compound interest &#8211; the interest earned on your investment&#8217;s interest.&nbsp;<\/p>\n\n\n\n<p>While the numbers in the chart have been rounded for simplicity and our calculations don\u2019t account for the many variables that can influence your portfolio over the long term, it does illustrate that <a href=\"https:\/\/www.syfe.com\/magazine\/build-portfolio-resilience\/\">the key to building wealth<\/a> is to invest, and the sooner the better.&nbsp;<\/p>\n\n\n\n<p>Following on from the chart above, let\u2019s say you start investing at age 35, putting aside $706 every month till you turn 65. You would have only invested $254,160, but your investment will total <strong>$1,000,835<\/strong> after 30 years.&nbsp;<\/p>\n\n\n\n<p>If you start investing at 50, your investment has even less time to enjoy compound interest &#8211; you earn only $470,388 as returns, although your total investment capital is $529,920. <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"513\" data-permalink=\"https:\/\/www.syfe.com\/magazine\/this-is-how-much-you-need-to-save-each-month-to-retire-a-millionaire\/age-and-returns\/\" data-orig-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2019\/08\/Age-and-returns.png\" data-orig-size=\"784,372\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Age-and-returns\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2019\/08\/Age-and-returns-300x142.png\" data-large-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2019\/08\/Age-and-returns.png\" src=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2019\/08\/Age-and-returns.png\" alt=\"\" class=\"wp-image-513\" width=\"778\" height=\"367\"\/><\/figure><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>As you can see from the table above, <strong>the earlier you start investing, the more you benefit from compound interest<\/strong>. <em>When<\/em> you start investing actually has a greater impact on your total investment returns, compared to <em>how much<\/em> you invest.&nbsp;If you&#8217;re ready to get started, take Syfe&#8217;s <a href=\"https:\/\/www.syfe.com\/basic-risk-analyser\/intro\">Risk Assessment<\/a> now to receive your personalised portfolio recommendation. <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/www.syfe.com\/risk-analyser\"><img decoding=\"async\" src=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2020\/02\/sq-banner-grow-wealth.png\" alt=\"\" class=\"wp-image-1343\"\/><\/a><\/figure><\/div>\n\n\n\n<p><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saving $1 million is totally doable.<\/p>\n","protected":false},"author":3,"featured_media":1406,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16],"tags":[],"class_list":{"0":"post-509","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-grow-wealth"},"acf":{"authorThumbnail":false,"readingTime":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why The $15 Millionaire Retirement Plan Works<\/title>\n<meta name=\"description\" content=\"Retiring a millionaire is entirely possible with some strategic saving and investing. A 30-year old would only need to save $15 a day to have at least $1 million at 65.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.syfe.com\/magazine\/this-is-how-much-you-need-to-save-each-month-to-retire-a-millionaire\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why The $15 Millionaire Retirement Plan Works\" \/>\n<meta property=\"og:description\" content=\"Saving $1 million is totally doable.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.syfe.com\/magazine\/this-is-how-much-you-need-to-save-each-month-to-retire-a-millionaire\/\" \/>\n<meta property=\"og:site_name\" content=\"Connect\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-01T07:26:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-02-24T01:47:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2020\/02\/hot-asian-couple-2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"833\" \/>\n\t<meta property=\"og:image:height\" content=\"574\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Syfe Singapore\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Syfe Singapore\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.syfe.com\/magazine\/this-is-how-much-you-need-to-save-each-month-to-retire-a-millionaire\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.syfe.com\/magazine\/this-is-how-much-you-need-to-save-each-month-to-retire-a-millionaire\/\"},\"author\":{\"name\":\"Syfe Singapore\",\"@id\":\"https:\/\/www.syfe.com\/magazine\/#\/schema\/person\/8d955bc4210538fdf152e7e66c4b943c\"},\"headline\":\"Why The $15 Millionaire Retirement Plan Works\",\"datePublished\":\"2019-08-01T07:26:19+00:00\",\"dateModified\":\"2021-02-24T01:47:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.syfe.com\/magazine\/this-is-how-much-you-need-to-save-each-month-to-retire-a-millionaire\/\"},\"wordCount\":412,\"publisher\":{\"@id\":\"https:\/\/www.syfe.com\/magazine\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.syfe.com\/magazine\/this-is-how-much-you-need-to-save-each-month-to-retire-a-millionaire\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2020\/02\/hot-asian-couple-2.png\",\"articleSection\":[\"Grow Wealth\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.syfe.com\/magazine\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.syfe.com\/magazine\/this-is-how-much-you-need-to-save-each-month-to-retire-a-millionaire\/\",\"url\":\"https:\/\/www.syfe.com\/magazine\/this-is-how-much-you-need-to-save-each-month-to-retire-a-millionaire\/\",\"name\":\"Why The $15 Millionaire Retirement Plan Works\",\"isPartOf\":{\"@id\":\"https:\/\/www.syfe.com\/magazine\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.syfe.com\/magazine\/this-is-how-much-you-need-to-save-each-month-to-retire-a-millionaire\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.syfe.com\/magazine\/this-is-how-much-you-need-to-save-each-month-to-retire-a-millionaire\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2020\/02\/hot-asian-couple-2.png\",\"datePublished\":\"2019-08-01T07:26:19+00:00\",\"dateModified\":\"2021-02-24T01:47:43+00:00\",\"description\":\"Retiring a millionaire is entirely possible with some strategic saving and investing. 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