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]

Eco-Friendly, Reusable Deodorant Containers Are Good for the Earth and Your Pits

Myro
Myro

A fair amount of plastic goes into keeping your armpits smelling fresh. Few of us recycle our empty deodorant tube after swiping on that last layer, after all. In many cases, it’s not even clear if you can, though there are a few special recycling programs that make it possible. But one company aims to make it easier to both smell clean and keep the planet clean.

Myro deodorant comes in refillable, reusable packaging, as Design Milk reports. The essential-oil-based deodorant comes in pods that you can pop into colorful reusable canisters. Created by the award-winning industrial designers at the New York studio Visibility, the fashionable containers are also made with 50 percent less plastic than most drugstore deodorant sticks, according to the company.

The deodorant sticks aren’t fundamentally different than something you might pick up at the drug store, even if they would look more at home on the shelves at Urban Outfitters or Anthropologie than CVS. You use a dial at the bottom of the tube to advance the deodorant stick, and when you reach the end of the deodorant, the pod that held the formula pops out. You can then refill it with one of Myro’s replacement pods. If your container needs a deep clean, you can stick it in the top rack of your dishwasher.

A red-orange deodorant canister next to a Myro refill pod
Myro

The deodorant itself doesn’t use the standard aluminum or baking powder formula, instead employing an antimicrobial agent made from sugar to reduce smells and barley powder to absorb moisture.

Myro deodorant comes in five different scents that you can mix and match with five different packaging colors. There’s Solar Flare, a mix of orange, juniper, and sunflower; Big Dipper, a blend of bergamot, lavender, and vetiver; Cabin No. 5, which smells like vetiver, patchouli, and geranium; Pillow Talk, made with violet leaf, ylang ylang, wild amyris; and Chill Wave, a blend of cucumber, jasmine, and spearmint.

One Myro deodorant, including the refillable container, costs $10 and can either be bought one at a time or through a subscription that ships refills every three, four, or six months. The refills can also be purchased one at a time. Customers that subscribe will receive free shipping, while one-time purchases will include a $5 shipping fee. You can pause your subscription or switch scents at any time.

Check it out here.

[h/t Design Milk]

Mental Floss has affiliate relationships with certain retailers and may receive a small percentage of any sale. But we choose all products independently and only get commission on items you buy and don't return, so we're only happy if you're happy. Thanks for helping us pay the bills!

5 Trouble-Shooting Tips to Keep Your Houseplant Alive

iStock
iStock

Maybe you’ve heard that houseplants can help improve indoor air quality. Perhaps you’ve read that looking at plants can help you focus. Or maybe you just really like how that ficus looks in your living room. But buying a plant and keeping it alive are two different things, and the answer to your botanical woes isn’t always “don't forget to water it.” Here are five green-thumb tips to make sure your plant stays as leafy green as it was the day you bought it.

1. Don't overwater your houseplant.

You don’t want to neglect your plant, but it’s easy to go overboard with the watering can, and that can be just as harmful as forgetting to water your plant for weeks. A watering schedule can help you keep track of whether or not your plants need attention, but you shouldn’t water just because it’s Sunday and that’s when you usually do it. Before you go to water your plant baby, make sure it actually needs it.

Your plant’s water needs will vary based on the type of plant, its location, how old it is, and plenty of other factors, but there are a few rules of thumb that can put you on the right track. Lift the pot. If it’s heavy, that means that the soil is full of water. If it’s light, it’s dry. Dig a finger into the soil around its roots, making sure to feel beneath the surface. Still damp? Hold off. Dry? Grab the H2O.

If you really struggle to strike the right balance between too much and too little water, consider a smart plant system. And regardless of how often you water, make sure to use a pot with good drainage to prevent root rot.

2. Watch the temperature of the room your houseplant is in.

Be aware of where your plant is situated in the room, and whether there might be any temperature extremes there. Is your fern sitting right above the radiator? Is your peony subject to a cold draft? Is your rosemary plant stuck leaning against a window during a snowstorm?

As a rule, most houseplants can handle temperatures between 58°F and 86°F, according to a bulletin from the University of Georgia. The ideal range is between 70°F and 80°F during the day, and between 65°F and 70°F at night. Below 50°F, sensitive plants can suffer damage to their leaves. However, as with most plant advice, it depends on the species—tropical plants usually do well in higher temperatures, and some other plants are happier in colder rooms.

If your sad-looking plant is sitting in the middle of a cold draft or right next to the heater, consider moving it to a different spot, or at least a few inches away. If it’s near the window, you can also draft-proof the window.

3. Maintain humidity for your houseplant.

Be mindful of the kind of ecosystem that your plant comes from, and know that keeping it happy means more than just finding the right amount of sun. A tropical plant like an orchid won’t thrive in dry desert air. According to the Biology Department at Kenyon College in Ohio, a dried-out plant will look faded and wilting. You can immerse it in water to help it bounce back quickly. (Warning, though: A plant that’s getting too much moisture can look that way, too.)

If your home gets dry—say, when you have the heater on full blast in the winter or the AC on constantly during the summer—you’ll need to find a way to keep your plant refreshed. Your can buy a humidifier, or create a humidity tray by placing the pot on a tray of pebbles soaked in water. The plant will soak up the humidity as the water under the pebbles evaporates. You can also get a spray bottle and mist your tropical plants periodically with water. (But don't mist your fuzzy-leafed plants.)

Not sure how humid your house is? You can get a humidity gauge (known as a hydrometer) for less than $10 on Amazon.

4. Look out for bugs on your house plant.

Even if you do all of the above correctly, you can still struggle to keep a plant healthy due to infestations. Keep an eye out for common pests like spider mites, which will leave brown or yellow spots on leaves or make the plant’s color dull. If you discover these tiny mites (you may need to use a magnifying glass), wash your plant immediately with water to knock off as many mites as possible. Wash the plant with an insecticidal soap, too, but make sure the label says it’s effective for mites.

5. Repot your houseplant.

Healthy plants often outgrow their homes. if you notice that there are roots coming out the drainage holes at the bottom of your pot, or that water sits on the surface of the soil for a long time before draining down, or that your plant’s roots are coming up out of the soil, it’s time to upgrade to a bigger pot. Signs of a “root bound” plant whose root system is too big for its container can also include wilting, yellowed leaves, and stunted plant growth.

No matter what the size of your plant, it’s good to repot it once in a while, since the nutrients in the soil deplete over time. Repotting creates a fresh nutritional start and can help perk up unhappy plants.

If your plant looks unhealthy and you're still stumped, try consulting the website of a university horticulture department for other signs of plant distress and potential solutions.

SECTIONS

arrow
LIVE SMARTER