Haven’t hit the seven-figure mark? Here’s how to work toward it on your terms.
With fewer than 3% of American households having amassed at least $1 million in retirement savings, according to the Federal Reserve’s Survey of Consumer Finances, reaching a seven‑figure balance remains elusive. Meanwhile, the median retirement savings for people aged 65–74 is just over $200,000, with those 75 and older reporting around $130,000, according to Federal Reserve figures.
For many dads, feeling appreciated matters more than gifts — and it’s changing how families celebrate.
Each June, Americans spend far less honoring dads than they do moms. According to the National Retail Federation, spending on Father’s Day may reach $24 billion this year, a big number, but still $10 billion under what families spent on Mother’s Day. This gap reveals not just buying habits but also changing family dynamics and thoughtful approaches to showing appreciation.
This month marks 10 years since my wife and I bought our first rental property — a humble little duplex that changed the trajectory of our financial lives.
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Since then, we’ve slowly and intentionally grown our real estate portfolio. Rental income plays a big role in our plan to retire early. And now, we’re saving up for our next property, with a purchase date likely in 2027.
We estimate we’ll need around $50,000 for a down payment. And instead of parking that cash in a low-interest savings account, we’re doing something a little different. We’re building a reverse CD ladder.
Most CD ladders are designed to give you rolling access to your money over time — like one CD maturing each month or year.
But with a reverse CD ladder, you buy multiple CDs that all mature at the same time.
The plan is simple. As we build our savings, we periodically lock portions of it into CDs that all end around mid-2027. This is the target date for our next property purchase.
This way, we keep earning great interest along the way, and when the time comes to buy, every dollar (plus interest) becomes available.
Ideally, I want to keep all my CDs at the same bank — it just makes life easier when everything’s in one place. When building a reverse CD ladder, it’s key to find a bank that offers competitive rates and flexible term options, so you can lock in the best yields all the way to your target date.
Check out the highest CD rates available right now to find the best fit for your savings strategy.
Most CD ladders start with a big lump sum. But we’re building ours month by month. Here’s the general plan:
By the time we reach our goal, we’ll have multiple CDs maturing with about $50,000 available. Plus, we’ll get all the interest earned along the way.
CD rates fluctuate widely across banks. But with the best available CD rates now, I could realistically open my first CD today with a 4.00% APY.
Since most economists are forecasting rate drops in the next year or two, I’m going to assume I’ll be buying at progressively lower rates as time goes on.
Here’s a rough calculation of how much interest I might earn if I purchased four CDs over the next few years, each with a slightly lower rate than the last.
| CD Term | Amount | APY | Interest Earned |
|---|---|---|---|
| 24 months | $12,000 | 4.00% | $960.00 |
| 18 months | $12,000 | 3.50% | $630.00 |
| 12 months | $12,000 | 3.00% | $360.00 |
| 6 months | $12,000 | 2.50% | $150.00 |
If we stuck to this plan, the total money saved would be $48,000. And the total interest earned would be $2,100 — a nice little boost toward my rental down payment! It’s not life-changing, but that’s an extra couple grand we don’t have to earn elsewhere.
Since I’m expecting rates to drop over time, it feels even more important to lock in the best rates I can find today. And if you’re considering a strategy like this, you should plan accordingly. Check out today’s top CD rates and lock in a high APY while they’re still available.
If you’ve got a clear savings goal that’s in the one- to five-year timeframe, using CDs might be a smarter way to save. Just make sure all your money matures by the time you need to use it.
Will our exact timing work out for buying a property? Only time will tell. But one thing’s for sure, I’m not going to let my money sit idle when it could be earning $2,000 in interest!
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.Joel O’Leary has no position in any of the stocks mentioned. The Motley Fool recommends Barclays Plc. The Motley Fool has a disclosure policy.
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The best retirement advice I ever got was to “begin with the end in mind.”
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If your goal is a $1 million retirement, you might imagine a huge pile of money sitting in a single bank account. But in reality, a $1 million nest egg should be a mix of accounts and income streams built to last you decades.
Here’s what a $1 million nest egg might actually look like, and how it could fund your lifestyle.
First things first: You probably won’t have a single $1 million retirement account. Most folks arrive at retirement with a mix of savings vehicles.
Here’s what a well-diversified retirement setup could look like:
Each of these can play a different role in your retirement plan.
Your 401(k) and IRA offer tax-advantaged growth, but they come with rules about when and how you withdraw money. That’s where a brokerage account can fill the gaps and give you more flexibility.
Rental properties can provide great cashflow, bringing in a steady monthly paycheck. And high-yield savings accounts are great for storing and protecting cash you may need in the near term.
A common rule of thumb for retirement income is the 4% rule. It says you can safely withdraw 4% of your portfolio each year without running out of money over a 30-year retirement.
So if you have $1 million saved, here’s what you’re looking at:
If you add in the average Social Security benefit right now of roughly $2,000 per month, this brings your retirement income to about $5,300 per month.
Now, that’s not private-jet money. But it’s plenty to live well in many parts of the country, especially if your house is paid off and you’re not racking up new debt.
Want to speak with an advisor about your retirement plan? A short questionnaire from our partner, SmartAsset, helps match you with up to three fiduciary financial advisors, each legally bound to work in your best interest.
Even if you live modestly, budgeting is really important in retirement. That $1 million has to last decades, so you don’t want to spend too much too soon.
Your investments shouldn’t be too conservative (they won’t grow fast enough), nor should they be too risky (you might lose too much at a bad time).
Here are a few key strategies to help your money go the distance:
Your investments shouldn’t be too conservative (they won’t grow fast enough) nor should they be too risky (you might lose too much at a bad time).
It never hurts to run your plan by a professional. Our partner SmartAsset’s secure quiz matches you with up to three fiduciary financial advisors who have passed a rigorous vetting process.
With a thoughtful plan, diversified income streams, and a bit of flexibility, $1 million can fund a long and comfortable retirement.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
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