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## How To Get To The Retirement I Want

Photo by Mike Tanase from Pexels

**THE SCENARIO**
Last time, I talked about how I determined how much money I think I'll need in my retirement account when I retire. This time, we'll figure out how to get there with monthly contributions and account appreciation (i.e. the money in the account making more money).
**The question:** If I plan to retire in 25 years, and I've got nothing saved so far, I still have time, but it won't be as easy as if I'd been saving before now. Let's assume that my account will grow at 8.5% annually, and that I'm going to contribute the same amount every month to the account. At the end, I need the account to have $2.3 million in it. How much do I need to contribute every month? Assume monthly compounding.

**THE SOLUTION**
This one is pretty straightforward.
First things first, make sure the calculator is using 12 Payments per Year.
N: 300 (I'm going to retire in 25 years, which is 25 x 12 = 300 months)
I/YR: 8.5 (My account will grow at a rate of 8.5% per year)
PV: 0 (I've got nothing today, I'm just starting out)
PMT: (This is what I'm trying to find)
FV: 2,300,000 (I want to have $2.3 million at the end)

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To achieve my retirement goals, I'll need to save **$2,233.03** per month until I retire.

What do you think? Do you know your numbers? And do you know how you can get to retirement with everything you'll need? If you have a plan in place, how's it going? If not, why not take this opportunity to put one together? Let us know in the comments!