Here's How Much You'll Need to Save to Retire a Millionaire By Age 50

Retirement is becoming more and more expensive, and heading into your senior years with at least $1 million in the bank isn't an unrealistic goal. In fact, the average American expects retirement to cost a whopping $1.9 million, according to a survey from Charles Schwab. Compound interest helps your savings grow faster the more time they have to sit untouched in your retirement fund, so by getting a head start, you won't need to save as much each month to reach your goal.