THE SCENARIO
We're nearing the end of 2017, and that means that many people are already thinking of how they'll make a change in their lives in the new year. One of the biggest things most people can do to affect their destinies for the positive is to invest money now so their future will be secure.
Let's say Jane is 30 years old, and has a job that pays her well. Her IRA has $10,000 in it right now, and up to this point, she hasn't been contributing much to it each month. Jane wants to retire at age 60 (as opposed to her Social Security retirement age, which is 67 right now, but may rise over time), and wants to retire with a cool $5 million. She predicts that her investments will yield her an average of 11% return for the entire 30 years between now and when she wants to retire.
The question is: how much should Jane contribute to her ...
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