Want to Retire a Millionaire? Here's How Much You Need to Put Into Your 401(k) Each Month

iStock/AndreyPopov
iStock/AndreyPopov

Despite stereotypes that accuse young people of mishandling their finances, Millennials are actually more likely than Baby Boomers and Gen Xers to contribute money to their 401(k) plans. But if you want to retire rich, simply having a tax-free retirement account may not be enough. CNBC recently broke down exactly how much of your salary you need to contribute in order to hit the $1 million mark when you withdraw your 401(k) funds at age 65.

Many financial advisors recommend contributing 10 to 15 percent of your gross income to your retirement plan—or less, if that number exceeds $19,000, the 401(k) contribution limit for 2019. Depending on the rate of return on your investment portfolio and your salary, you could contribute less than that and still retire a millionaire. The key is starting early enough: The later you wait to open your 401(K), the more of your salary you'll need to set aside in order to catch up.

Here's CNBC's break down of what you need to invest per month to save $1 million by retirement, starting at three different ages and looking at three possible rates of return.

Age 25

With a 4 percent rate of return: $843.24 per month
With a 6 percent rate of return: $499.64 per month
With an 8 percent rate of return: $284.55 per month

Age 30

With a 4 percent rate of return: $1090.78 per month
With a 6 percent rate of return: $698.41 per month
With an 8 percent rate of return: $433.06 per month

Age 40

With a 4 percent rate of return: $1938.57 per month
With a 6 percent rate of return: $1435.83 per month
With an 8 percent rate of return: $1044.53 per month

Of course, not everyone can contribute this much to a 401(k) consistently throughout their career. Salaries and living expenses fluctuate, and even if dropping 15 percent of your paycheck into a retirement plan is easy to do now, that may not always be the case. The reverse may also be true.

If you can't meet the goals laid out above at this point in your life, that doesn't mean you should delay saving for retirement altogether. When it comes to a 401(k), financial planners emphasize that putting aside something—even 1 or 2 percent of your salary—is much better than saving nothing at all. Not sure where to begin? Here are some tips for getting started with your 401(k).

[h/t CNBC]

Take Advantage of Amazon's Early Black Friday Deals on Tech, Kitchen Appliances, and More

Amazon
Amazon

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Even though Black Friday is still a few days away, Amazon is offering early deals on kitchen appliances, tech, video games, and plenty more. We will keep updating this page as sales come in, but for now, here are the best Amazon Black Friday sales to check out.

Kitchen

Instant Pot/Amazon

- Instant Pot Duo Plus 9-in-115 Quart Electric Pressure Cooker; $90 (save $40) 

- Le Creuset Enameled Cast Iron Signature Sauteuse 3.5 Quarts; $180 (save $120)

- KitchenAid KSMSFTA Sifter with Scale Attachment; $95 (save $75) 

- Keurig K-Mini Coffee Maker; $60 (save $20)

- Cuisinart Bread Maker; $88 (save $97)

Home Appliances

Roomba/Amazon

- iRobot Roomba 675 Robot Vacuum with Wi-Fi Connectivity; $179 (save $101)

- Fairywill Electric Toothbrush with Four Brush Heads; $19 (save $9)

- ASAKUKI 500ml Premium Essential Oil Diffuser; $22 (save $4)

- Facebook Portal Smart Video Calling 10 inch Touch Screen Display with Alexa; $129 (save $50)

- Bissell air320 Smart Air Purifier with HEPA and Carbon Filters; $280 (save $50)

Video games

Nintendo

- Legend of Zelda Link's Awakening for Nintendo Switch; $40 (save $20)

- Marvel's Spider-Man: Game of The Year Edition for PlayStation 4; $20 (save $20)

- Marvel's Avengers; $27 (save $33)

- Minecraft Dungeons Hero Edition for Nintendo Switch; $20 (save $10)

- The Last of Us Part II for PlayStation 4; $30 (save $30)

- LEGO Harry Potter: Collection; $15 (save $15)

- Ghost of Tsushima; $40 (save $20)

Computers and tablets

Microsoft/Amazon

- Apple MacBook Air 13 inches with 256 GB; $899 (save $100)

- New Apple MacBook Pro 16 inches with 512 GB; $2149 (save $250) 

- Samsung Chromebook 4 Chrome OS 11.6 inches with 32 GB; $210 (save $20) 

- Microsoft Surface Laptop 3 with 13.5 inch Touch-Screen; $1200 (save $400)

- Lenovo ThinkPad T490 Laptop; $889 (save $111)

- Amazon Fire HD 10 Tablet (64GB); $120 (save $70)

Tech, gadgets, and TVs

Apple/Amazon

- Apple Watch Series 3 with GPS; $179 (save $20) 

- SAMSUNG 75-inch Class Crystal 4K Smart TV; $998 (save $200)

- Apple AirPods Pro; $199 (save $50)

- Nixplay 2K Smart Digital Picture Frame 9.7 Inch Silver; $238 (save $92)

- All-New Amazon Echo Dot with Clock and Alexa(4th Gen); $39 (save $21)

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The Reusable Rocketbook Smart Notebook Is the Ultimate Recycling Move

StackCommerce/Rocketbook
StackCommerce/Rocketbook

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You may be conscientious of your environmental footprint, but some habits are tough to change, like transitioning from writing notes on paper to typing notes and saving trees. There’s just something about physically writing with a pen and paper that’s fulfilling, engages your memory, and just feels right. You can keep jotting without the guilt on this smart reusable notebook from Rocketbook that translates all of your written text to your favorite cloud services so you can recycle the pages to use again and again.

Once you start using cloud storage for notes, it’ll be hard to go back. You’ll have every song lyric, appointment, and list of directions you jot down anywhere you have internet access (which is basically everywhere these days). The set comes with 42 pages for various uses, like calendars and to-do lists that wipe clean with a damp cloth to reuse after you save your notes to the cloud.

One of the reasons it’s hard to ditch traditional pen and paper is the feeling of your favorite writing utensil gliding on the page. This set comes with a FriXion pen that writes smoothly on the synthetic paper just like the old-fashioned way—except you can’t misplace or ruin these notes in a shuffle or coffee spill since everything will be stored digitally. It’s better for the environment and kind of like an insurance plan on your personal thoughts and notes.

For a limited time, you can replace all of your archaic and environmentally wasteful notebooks with one easy set. Score the Rocketbook Fusion Executive book in black, the Rocketbook Mini in black, two FriXion pens, and two microfiber cloths for wiping with a 12 percent discount. You’ll get unlimited paper from the sleek large and small black notebooks for just $44.

Prices subject to change.

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