Saving 1 million dollars for retirement? -

well I heard that you can invest in CD s to earn more money and save it, I m 13 and I want to know how to save 1 mill by the time I retire...I know I thinking of this at a young age, but I want a good retirement...can anyone help me?|::::|I think its great that someone your age is thinking way ahead into the future. Generally, CDs and savings accounts don t earn high interest where it can grow fast enough for you to retire comfortably on. Here, I will reveal to you about how money works and you may never hear about it again in the future because schools and colleges don t even teach it. Its call the quot;Rule of 72.quot; The Rule of 72 states how long it will take your money to double given the interest rate. Lets say you save $10,000 and you put it into a savings account. On average, savings accounts get an interest rate of around 1%. Take 1 and divide that into 72, it will take 72 years for your money to become $20,000. I think you would rather die than to retire on just $20,000. Lets say you put it into a CD. On average, CDs get an average interest rate of around 3%. 72/3 = 24 years. It will take 24 years for your $10,000 to become $20,000. By the time you retire at age 65, you will have about $50,000. If you put it into a money market account, which gets an average rate of 5%, it will take 14.4 years for your money to double. By the time you retire at age 65, you will have about $130k. Put it into stocks or equity mutual funds, which gets an average rate of 10% over a 25 year period, it will take 7.2 years for your money to double. By the time you retire at age 65, you will have about $1.8 million. You should ask your parents to open a UGMA account and invest into mutual funds. When you get a job and earn income, open a Roth IRA (if you are earned income this year for doing some part-time jobs, you can open a Roth IRA and put away 100% of your income or a maximum of $5000, whichever is less).|::::|With the way the stockmarket is going these days ~ fixed income return is probably the way to go. CD s are excellent and you would probably amass 1 Million or MORE by your retirement if you start today. Get the best rates and keep an eye out for better ones when the ones you have mature. Good LUCK !!! Most of us are depressed having 1/3 to 1/2 of our investment value disappear quot;POOFquot; ~ means we ll have to work a lot longer now.|::::|Go to AARP.com or google retirement calculators. You will need about 2.5 million to retire above poverty level. One big secret that my parents taught me. Never borrow for anything but a house. And pay that off as soon as you can. The money you save in interest alone over the years will collect you a million - JUST INTEREST. /|::::|In the long run you ll make more money investing in stocks rather than CD s. When you re older, think about that as an investment choice. In the meantime, start reading about stocks and mutual funds. I would start here as T. Rowe Price is a good family of funds. There s plenty of advice at this website. https://individual.troweprice.com/public... Good luck! It s never too early to start saving. By the way. By the time you retire, you ll need a lot more than $1,000,000 to retire comfortably.