Everyone dreams about being a millionaire and there are a few million people who get lucky in their lifetime to actually see it in their bank accounts. The rest of us usually acquire about a million to two million dollars over the course of our lifetimes, but we don't actually see it, at least not in cash. Over time, we may have actually spent it on luxury and life so we never get to see it. However, we may also acquire it in real estate assets or in the stock market among other investments or inheritances. By the time we reach the age of retirement, between 62 - 70 years old, depending on how much you have in assets and savings, you could probably claim to be a millionaire.

Whether you choose to continue to live in your home and do a reverse mortgage or sell your house, mixed in with your social security and any other investments you have, you could probably liquidate your assets and turn it into a million dollars in cash. There are several reasons you would want to do this, but other reasons you probably should not. If you are a millionaire by the time you retire in cash, you will be very likely the one responsible for any and all healthcare concerns and needs.

Before we answer how to save a million dollars or more by the time you retire, you first must understand what your life would be like as a millionaire. As a retired person, you may not have the exact amount of energy as someone who acquired a million dollars in their 20s or 30s, but you will still be able to enjoy many of the things a millionaire does, such as splurging on a $200 bottle of champagne or that $5,000 trip to Hawaii you and your spouse dreamed about always going on. If your mortgage is paid off and your debts are next to none, than there isn't much you can't do, and why not?

I've known people who became so attached to saving their money, foregoing brand names and picking up store brands, or holding off on a vacation this year and next until the time comes where their time has run out, usually because their health has deteriorated, so when I tell you: please enjoy some extra bacon on that sandwich or buying every brand name in the supermarket, and that it's going to be okay, then take advantage of living that lifestyle: you've earned it. You can still figure out your budget and make sure everything is going to be okay for you by reviewing what you can comfortable spend each year. You could even hire a financial adviser to help you manage your money and let you know what you can do and what you should be advised against doing.

Now for the best part, how do you actually save a million dollars? To be honest, you will probably have the most comfortable retirement if you have saved up between $2 million to $3 million dollars. However, for now, our goal is to make a million dollars by the time of retirement. We've already discussed certain ways to actually acquire it and liquidate those assets into cash. It can also be acquired and highly recommended, into the stock market, which will often double and triple throughout your lifetime, and gives you the best rate of return. But what about cash?

Remember that a Roth IRA account and a 401k has maximum contributions that you can contribute each year and have a better growth than the cash-only method. An IRA account only needs to have about $20,000 in it by the time you are 15 years old and to be left alone to grow on its own for the rest of your life until you retire. Source: [link https://www.begintoinvest.com/saving-for-a-million-dollars/ ]

Cash is slow to grow on its own and keeping it in a bank account at 0.01% interest is very unwise. But lets just say you want to be a millionaire by saving cash only. The younger you start to save, the better. In fact, starting at the age of 18 will give you the best chance of saving one million dollars. As you age, you will begin to save more as you earn more. The longer you wait to save in your life, the more you will need to save.

These charts serve as a guide and do include social security only as an estimate which should also be averaged in, allowing you to save slightly less each year. These charts will also take into account your retirement at age 62 or 66.4 with a generous $1,500, give or take a few hundred dollars and adjusting for inflation, and have legally paid into the social security system. This number could be much more allowing you to save less.

If you are looking for the exact amount you will have at retirement, the social security website has a link to a benefit calculator in which you can enter all of your salaries for every year you worked to get the exact amount: [link https://www.ssa.gov/benefits/retirement/planner/AnypiaApplet.html ]

These are 6 different charts showing the same exact saving methods but starting at the amounts you would have if you started at age 18, 25, 30, 35, 40, and 45. The later you start saving, the more catching up there is to do, so the numbers at later ages do not decrease, as they would at earlier ages, with the intention that you want to save as close to a million dollars as possible.

After the age of 45, you are technically out of your prime earning age, and you will not be able to save to a million dollars without taking a large chunk from your paycheck, so it is advised instead to invest in a nice real estate property.

Remember: It is best to start saving no matter what age you are. You will never be too late to start!

Savings Starting At 18

Savings Starting At 25

Savings Starting At 30

Savings Starting At 35

Savings Starting At 40

Savings Starting At 45

If you made it past the charts and are worried that you can't save that amount, don't worry. It is a lot to take in and discipline yourself. The charts were only meant as a guide to show you exactly what you would need to save in order to get a million in cash without any investments or outside help. As I stated, cash is slow to move and if it is not earning interest, it means you are working your whole life. Many people do eventually learn that they need to make their money work for them even while sleeping.

They are apt to start businesses, make investments, rent out properties, and even pick up hobbies and skills that are in demand. In doing this, it usually means that cash comes easier and faster. It does layout the amount of work and labor necessary and what you'd have to save to actually get to a million. Using it as a guide only means that you can refer to goals of savings that can help you get to a million. To save more than $1,000 a month is one of the hardest things to do for most people. So increasing the numbers to $2,000 is a sacrifice to even get to that point and not recommended, as you should enjoy your life and not wait until retirement to live it.

It is highly recommended that you only put away between $100 - $500 per month. In doing so, you will have a comfortable retirement with plenty of money to spend on yourself and your loved ones. Here are four very ideal savings charts, no matter what age you are, taking more into consideration a realistic concept of what you can actually save:

Savings At A Realistic Life-Term

Savings At $100 Per Month For Life

Savings At $250 Per Month For Life

Savings At $500 Per Month For Life

Saving any amount between $100 to $500 per month and taking social security into account, along with the assumption that you've paid off your mortgage, have no student loans, and have low recurring monthly credit card debt means you will be able to do everything you want to do when you retire. These numbers are far more ideal and something to aim for, as I believe you were already feeling overwhelmed and believing you had to save that amount.

$100 to $250 a month is the most ideal situation for most people. Saving $100 per month for a lifetime will lead to a total of about $60,000 saved and adding in social security will yield about $100,000 to $150,000 total. Saving $250 per month for the duration of your working life will add up to about $150,000 saved over a lifetime, and adding social security into the mix can yield between $175,000 to $200,000 for your retirement and plenty to have a comfortable and enjoyable retired life.

You do not have to save the exact amounts above to even be a millionaire. Whether you are holding on to multiple assets, working several jobs, own a business, renting a property or several, and doing other things, you can mix those in with social security and it is very likely that you are going to retire a fairly wealthy person who can be considered a millionaire and you have nothing to worry about.

Happy Retirement Millionaire!