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

How to start?

Get rid of all our debt!  It doesn’t make sense to start saving if the money you owe has higher interest payments than the interest you are earning from. Pay off the debt first! Once the debt is over, start your own IRA if you don’t have one at your company.

The longer you wait…

The more you need to save per month to equal a million. If you wait till 55 and haven’t saved any money, you’ll have to save  To reach one million by age 65 you need to save $5,466 per month until age 65.

Some scary retirement facts via MSN Money Central:

About 60% of retirees 65 and older get the bulk of their retirement income from Social Security, and the average payment is about $1,000 a month.

By their 40s, 59% of Americans have retirement funds, with a median value of $40,000.

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