President-elect Joe Biden wants to raise the federal minimum wage to $15 per hour.
The potential boost would increase the paychecks of around 27 million Americans making it a perfect time to start thinking about the future.
If you are making $15 an hour, the thought of racking up $1 million for retirement can seem daunting. But with dedication and a lot of time, you can get there if you stick to your plan.
As a rule of thumb, most financial advisors suggest that you save 10% to 15% of your salary. But if your goal is to get to $1 million, the percentage you need to invest will vary drastically based on how old you are when you start.
Just a few things to remember, these numbers assume you have no money in your retirement plan, that you will get a conservative 6% return on your investments and that you will retire at age 65.
The math also does not account for potential pay increases, employer matches, inflation, or any curveballs that life may throw at you. So plan accordingly.
Now let’s dive into the figures. Watch this video to find out how to make it happen.
More from Invest in You:
How Walmart and other big companies are trying to recruit more teenage employees
Americans are more in debt than ever and experts say ‘money disorders’ may be to blame
How much money do you need to retire? Start with $1.7 million
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.