Here���s How Much Amazon Prime Costs And How You Can Get It For Cheaper

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Between handling your fixed monthly costs, paying off >student loans

and meeting other savings goals, making room in your budget for >retirement contributions

can seem daunting. But if you do prioritize saving for the long-term at a young age, you could find yourself a millionaire by the time you're ready to stop working.

To show you just how attainable the dream of becoming a millionaire could be, personal finance site NerdWallet created a chart showing the percentage of each biweekly paycheck you'd need to set aside to have $1 million saved by the time you're 67. As you'll see below, you may not have to set aside as much as you think — if you start early, that is, since >compound interest

can cause your wealth to snowball over time.

The chart assumes you're starting at age 22 with zero dollars invested. It also assumes a 6 percent average annual investment return and various annual salaries.

Scroll over the chart to see the exact numbers.

Here's how much a 22-year-old would have to set aside if they earn:

$40,000: 10.9 percent of each paycheck

$60,000: 7.2 percent of each paycheck

$80,000: 5.4 percent of each paycheck

$100,000: 4.3 percent of each paycheck

$120,000: 3.6 percent of each paycheck

"The key here is really starting so young, at age 22," Arielle O'Shea, retirement specialist at NerdWallet, tells >CNBC Make It

. "Had this hypothetical investor started later, he or she would have to put away a much higher percentage of their salary. Because of that early start, even the lowest earner can dedicate just 10 percent of their paychecks to savings and end up with $1 million by age 67."

Ideally, you'll start putting your money to work in your 20s to reap the full benefits of >compound interest

, but don't get discouraged if you don't get started until later. It's still possible to build a million-dollar portfolio if you start saving and investing in your 30s — you'll just have to >set aside a bigger chunk of your paycheck

.

And keep in mind that depending on when you want to retire and what you want your lifestyle to look like in retirement, you may need more or less than $1 million. To help you figure out how much money you need to fund your golden years, check out NerdWallet's retirement calculator.

Once you have a specific goal in mind, get going. For inspiration, check out:

>This is an update of a previously published story.

Don't miss:

>How this 28-year-old built up $250,000 in savings and plans to retire by 37

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Source : https://www.msn.com/en-ca/money/topstories/heres-how-much-you-have-to-save-per-paycheck-to-be-a-millionaire-by-67/ar-BBLB4ah

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Here's how much you have to save per paycheck to be a millionaire by 67
Here’s how much Amazon Prime costs and how you can get it for cheaper