Retirement savings strategies

The one million dollar goal, a hypothetical case study.

How Laura, Kim, and Alan ended up with $1 million at age 65.


  • Laura - age 25

    Starts right away
  • $538.46/month

    Contribution to employer’s
    retirement savings plan*
  • $1 million

    Total retirement savings**
  • $258,462

    Total contributions***
  • Kim - age 35

    Waits 10 years
  • $1054.08/month

    Contribution to employer’s
    retirement savings plan*
  • $1 million

    Total retirement savings**
  • $379,467

    Total contributions***
  • Alan - age 45

    Waits 20 years
  • $2265.38/month

    Contribution to employer’s
    retirement savings plan*
  • $1 million

    Total retirement savings**
  • $543,691

    Total contributions***

If you start early, a $1 million goal is not unreasonable

While retirement income needs vary depending on your individual circumstances, if you’re early or mid-career, a $1 million goal is not unreasonable. The sooner you start, the less it may cost you.

While retirement income needs vary depending on your individual circumstances, if you’re early or mid-career, a $1 million goal is not unreasonable. The sooner you start, the less it may cost you. 

* Until retirement age of 65.

** Total rounded down to the nearest million. All total savings for these hypothetical examples are within $35,000 above the $1 million dollar goal. Assumes a hypothetical 6% annual potential rate of return. The 6% hypothetical rate of return is not based on the performance of actual investments or products. Actual rates of return will vary over time, particularly for long-term investments. Investments offering the potential for higher rates of return also involve a higher degree of risk. Actual results will vary. The amounts used in this hypothetical example do not take taxes or product-related charges into account.

*** Cumulative until retirement age of 65.

GE-124382 (04/2017)

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