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]

Celebrate the Holidays With the 2020 Harry Potter Funko Pop Advent Calendar

Funko
Funko

Though the main book series and movie franchise are long over, the Wizarding World of Harry Potter remains in the spotlight as one of the most popular properties in pop-culture. The folks at Funko definitely know this, and every year the company releases a new Advent calendar based on the popular series so fans can count down to the holidays with their favorite characters.

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Right now, you can pre-order the 2020 edition of Funko's popular Harry Potter Advent calendar, and if you do it through Amazon, you'll even get it on sale for 33 percent off, bringing the price down from $60 to just $40.

Funko Pop!/Amazon

Over the course of the holiday season, the Advent calendar allows you to count down the days until Christmas, starting on December 1, by opening one of the tiny, numbered doors on the appropriate day. Each door is filled with a surprise Pocket Pop! figurine—but outside of the trio of Harry, Hermione, and Ron, the company isn't revealing who you'll be getting just yet.

Calendars will start shipping on October 15, but if you want a head start, go to Amazon to pre-order yours at a discount.

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What Movie Do You Want to Watch? This Website Analyzes Film Critic Reviews to Help You Choose

She's smiling because it only took her two minutes to choose a movie.
She's smiling because it only took her two minutes to choose a movie.
Rowan Jordan/iStock via Getty Images

Much like sommeliers can detect subtle notes of who-knows-what in a sip of wine, film critics are fantastic at identifying influences and drawing parallels between movies. Cinetrii is a handy website that crowdsources all that movie knowledge to help you find your next favorite film.

Basically, you enter the name of a movie you enjoyed in the search bar, and the site will show you a node graph with film recommendations splintering off the search query. Click on one, and you’ll see a quote from a critic (or critics) who referenced the films together. This way, you get a list of recommendations based on different aspects of the movie, and you get to decide for yourself what you’d like to see more of.

If, for example, you were blown away by the special effects in Christopher Nolan’s Inception, you might like Doctor Strange; according to Variety, it boasts “a staggering visual effects innovation, in which the building-bending seen in Christopher Nolan’s Inception is taken to an extreme that would blow even M.C. Escher’s mind.” If what the Chicago Tribune calls an “elegant brain-bender” quality appealed to you more, The Matrix might be a perfect fit.

Films above your search query were released before the movie you typed in, while films below came out after it. The shorter the line, the more closely the films are related, as calculated by the website’s algorithm. And, as Lifehacker points out, that algorithm doesn’t give any special treatment to massive Hollywood blockbusters, so Cinetrii is an especially great way to find hidden gems. Because it shows you the critics' actual quotes, you’re not left to wonder why a certain film landed on the recommendations list—which can’t always be said for “Watch next” lists on streaming services.

You can explore Cinetrii here.

[h/t Lifehacker]