What it takes to retire a millionaire at any age

Years ago, I popped up a chart on my website called "Who Wants To Be a Millionaire?" The chart detailed how a 15-year-old teenager can save just $2,000 a year for 7 years. Then, never saving another penny again, the money can grow to be $1,000,000 at 65. (See the link at the end of this story for more details.)

Then I recently saw a MarketWatch story that came to the same conclusion using different numbers. According to their findings, here's what you have to save each month to retire a millionaire if you start with $10,000 invested and your portfolio grows by 7% every year.

• 25 year olds have to save a little over $300 a month. That's just $10 a day for the rest of their working lifetime.
• 35 year olds have to save $775 a month.
• 45 year olds have to save $1,850 a month.
• 55 year olds have to save $5,700 a month.

The point is the earlier you start, the easier it is. But it's never hopeless at any age. If you're getting a late start, it just means you may have to delay your retirement. Or you may not care about retirement, in which case saving money never becomes something you're about.

If the goal is financial independence, however, you should start young and save every day. See my chart below, coupled with my investment guide, and you'll be on your way.

Editor's note: This segment originally aired in April 2011.