You are using an older browser version. Please use a supported version for the best MSN experience.

Here's what it takes to save $1 million for retirement

GOBankingRates Logo By Cameron Huddleston of GOBankingRates | Slide 1 of 12: Saving a fortune isn't realistic. However, it is realistic to have $1 million in a retirement account by the age of 65, if you invest a portion of your paycheck in stocks and let the power of compounding interest work some magic.Given that the median household income is $59,039 — according to the U.S. Census Bureau — it would take about 17 years to amass $1 million if a person earning that much saved every cent of every paycheck.Click through and start planning for the retirement you've always dreamed about.

What It Takes to Save $1 Million for Retirement

Saving a fortune isn't realistic. However, it is realistic to have $1 million in a retirement account by the age of 65, if you invest a portion of your paycheck in stocks and let the power of compounding interest work some magic.

Given that the median household income is $59,039 — according to the U.S. Census Bureau — it would take about 17 years to amass $1 million if a person earning that much saved every cent of every paycheck.

Click through and start planning for the retirement you've always dreamed about.

© DenisProduction.com / Shutterstock.com

More from GOBankingRates

GOBankingRates
GOBankingRates
image beaconimage beaconimage beacon