President-elect Joe Biden destitutions to raise the federal minimum wage to $15 per hour.
The potential boost would increase the paychecks of around 27 million Americans sorting it a perfect time to start thinking about the future.
If you are making $15 an hour, the thought of racking up $1 million for retirement can earmarks of daunting. But with dedication and a lot of time, you can get there if you stick to your plan.
As a rule of thumb, most financial advisors propose that you save 10% to 15% of your salary. But if your goal is to get to $1 million, the percentage you need to venture will vary drastically based on how old you are when you start.
Just a few things to remember, these numbers assume you be enduring no money in your retirement plan, that you will get a conservative 6% return on your investments and that you desire retire at age 65.
The math also does not account for potential pay increases, employer matches, inflation, or any curveballs that soul may throw at you. So plan accordingly.
Now let’s dive into the figures. Watch this video to find out how to make it happen.
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Disclosure: NBCUniversal and Comcast Jeopardizes are investors in Acorns.