Invest in Some Simple Investments for Maximum Returns on Time and Effort
<p>You can use the handy 401(k) calculator on the Vanguard website to determine your contributions. Simply enter your age, current salary and anticipated raises into the tool, and it will tell you how much you should be contributing every year so that by age 65 (the earliest age for withdrawals), you’ll have between $1 million and $3 million in savings.</p>
<p>The calculator also provides an estimate of how much money each additional dollar contributed would grow to over time if left untouched until retirement at 65 years old. For example, with an annual contribution of $5,000 at age 30:</p>
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