HOW TO SAVE A MILLION AT AGE 25

You've Saved: $0

To reach one million by age 65 you need to save $286 per month.

Successful Savings Strategies

You're just starting your career, so this is your chance to build a solid financial foundation. Time is on your side.

Contribute enough to your company 401(k) plan to capture your employer match. If you don't have a retirement plan at work, fund an IRA.

You'll be investing for 30 years or more, so you can afford to keep 100% of your account in stocks.

Pay down credit cards and other high-interest debt. That will free up money to save for a house.

Set up an emergency fund equal to three to six months of take-home pay. Stash it in a readily accessible account in an online bank that pays interest of 4% or more.

HOW TO SAVE A MILLION AT AGE 35

You've Saved: 0$

To reach one million by age 65 you need to save $671 per month.

If You've Saved: $50,000

To reach one million by age 65 you need to save $304 per month.

Successful Savings Strategies

You may be starting a family or preparing to buy a home. Balance you short-term needs with long-term savings goals.

Although you have added responsibilities, don't neglect retirement.

Aim to save 15% of your gross income (including an employer match in your 401(k). If one parent leaves work to care for the kids, consider opening a spousal IRA.

Shift your assets to 90% stocks and 10% bonds.

Invest in a 529 college-savings plan. Many states offer a tax deduction for your contribution, and qualified distributions are exempt from federal taxes.

HOW TO SAVE A MILLION AT AGE 45

You've Saved: 0$

To reach one million by age 65 you need to save $1,698 per month.

If You've Saved: $50,000

To reach one million by age 65 you need to save $1298 per month.

If You've Saved: $100,000

To reach one million by age 65 you need to save $861 per month.

Successful Savings Strategies

You may be juggling the needs of a growing family and aging parents, but don't take a break from retirement savings.

You can contribute up to $15,500 to a 401(k) or similar workplace-based retirement plan this year or $5,000 to an IRA. Roll over retirement savings from previous jobs into an IRA.

Adjust your asset allocation to 80% stocks and 20% bonds.

Your kids can get grants or loans for college, but there's no financial aid for your retirement. Don't put your kids' college costs ahead of retirement.

HOW TO SAVE A MILLION AT AGE 55

You've Saved: 0$

To reach one million by age 65 you need to save $5,466 per month.

If You've Saved: $50,000

To reach one million by age 65 you need to save $4,859 per month.

If You've Saved: $100,000

To reach one million by age 65 you need to save $4,253 per month.

If You've Saved: $200,000

To reach one million by age 65 you need to save $3,040 per month.

Successful Savings Strategies

Take advantage of your peak earning years to top off your savings.

Add an extra $5,000 in catch-up contributions to your 401(k) savings and an extra $1,000 to your IRA.

As you near retirement, reallocate your portfolio to 70% stocks and 30% bonds.