How long will it take to double my retirement savings?
Updated 5:30 AM; Investor
A. Ah, yes, the Rule of 72.
This is a calculation to help you estimate how long it will take to double your money.
It’s a simple formula, said Jeanne Kane, a certified financial planner with JFL Total Wealth Management in Boonton.
“Divide 72 by your interest rate and you get the number of years it takes for your money to double,” she said.
For example, she said, a balanced stock portfolio that returns 7.2% per year will double in 10 years. Take 72 and divide it by 7.2 and you get 10 years.
How long will it take to double my retirement savings?
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