I will retire with over 1 million dollars in my 401K

I am currently on track to save over 1 million dollars for retirement. In fact Fidelity estimates that I'll have exactly $1,258,518 in my 401K upon retirement. Unfortunately that date is 35 years away. It will take me 32 to break the million dollar mark. I would like to speed up the process a bit and shave off 12 years so that I have a cool million saved when I turn 50.






I know it all depends on the market but there are a few things working in my favor.

1. I save 15% of each paycheck and have it automatically deposited into my 401K

2. I usually get an annual raise of 2-3% and each year I contribute more

3. I will soon have a much higher paying job and be able to put at least 15% in

4. I am currently invested in 95% stocks 5% bonds and equities

5. I am in a targeted retirement fund which will change allocations to be more conservative closer to the time I retire




I do have a few things working against me as well:

1. My employer cut out the 4% matching

2. I want to convert my 401K into a Roth IRA so I don't have to pay taxes on money I take out later.

3. I have a growing family with more mouths to feed and more expenses


How will I accomplish my goal of saving 1 million by 50? Easy. Persistence, patience, automated savings, increase earnings, and smart investing. I am very interested in creating streams of passive income (meaning working hard to create something that produces income on a continual basis). Examples of current passive income streams: money from this blog (already made over $1,500, dividends from stock - currently reinvesting, and royalties from intellectual property such as books and songs).


Currently I have been working on a research project about survey sites. I have already made over $50 in the last month and am ranking the best sites. I will share with you where to go to make some money and which sites to steer clear of. I will release the rankings in a detailed post that I am working on. Subscribe to the feed below if you are interest in learning ways to make money and save money. My team is currently working on "How to Make a Million Dollars" BETA Make Money, Save Money - Retire in style tm. This reorganization will make the information more useful and easier to navigate. Stay tuned...

You can save a million for retirement

If you are motivated you can do anything. I will save 1 million dollars for retirement. I read an interesting article today on Yahoo Finance (a great site for financial information) titled How to Save $1 Million for Retirement It talks about saving 2x your annual salary. When you reach that, you are home free. I have 20% saved to reach the 2x salary goal only 80% more to go. I plan to make it within the next 10 years.

Got a raise!

Yesterday I was awarded a 2% raise for completing the first step of the clinical ladder. Yes, 50 cents an hour doesn't sound huge, but it adds up and comes out to a few thousand dollars per year. I'll be increasing my 401K contributions by 2%. Right now I contribute 10%. My goal is to get to a point where I contribute 15% of my income within the next 3 years. I'll be increasing contributions every time I get a raise, so I don't miss the money.

Aiming too low?

According to Fidelity I'll need to save $295,888,750 for retirement. That's a bit more than my original one million dollar goal.