A Million by 67: The Math Behind the Mirage The promise of retiring a millionaire by age 67 has become an alluring narrative in modern financial planning, with recent headlines touting the possibility for individuals to achieve this goal even at an advanced age.
However, a closer examination of the numbers reveals that the underlying assumption – an aggressive return of roughly 12% annualized – may be overly optimistic.
A financial advisor recently told a caller in Canada to save 15% of their gross income into good growth stock mutual funds for 10 12 years, which would allegedly result in a seven figure nest egg by age 67.