If You Put $1,000 in Your 401(k) Every Month for 15 Years, You Could Have This Much Cash by Retirement
The key is being consistent with your contributions and letting time do most of the heavy lifting.
Most rich investors don't get rich overnight. They do it over a long period of time, making a point of saving for retirement for years on end even when it wasn't easy to do so. Slow and steady wins the race.
To this end, what could committing $1,000 per month mean over the course of, say, 15 years? More than you might think. Assuming you achieve the stock market's average annual return of 10% on this money, your $180,000 worth of contributions to a 401(k) plan would be worth roughly $414,000 at the end of the time frame.
Data source: Calculator.net. Chart by author.
