Saving $10 a day can lead to a million-dollar retirement fund, but it requires starting early.

Saving $1 million or more by retirement age may seem daunting, but it doesn't have to be if you start early.

Instead of focusing on the total amount saved, pay attention to your savings rate, which is the percentage of your annual pre-tax income you're contributing to your retirement investment account.

Although it's beneficial to have a specific objective when saving for retirement, it's also crucial to recognize that your retirement account balance can be affected by uncontrollable market fluctuations. However, your savings rate is within your control.

While Fidelity advises saving at least 15% of your income, including any employer match, it's understandable if this isn't feasible initially.

James Royal, Bankrate's principal investing and wealth management writer, advises starting with smaller amounts when investing because you can always increase your investment later on, according to CNBC Make It.

You can start your retirement savings journey by saving $10 a day or $70 a week.

If you begin investing at age 21 and set aside approximately $70 per week into a retirement account with a 7% annual rate of return, you will have amassed just over $1 million by the time you turn 65, as calculated by CNBC.

CNBC estimated the potential growth of a $70 weekly contribution if it were started at different ages: 21, 25, and 30. However, these calculations do not factor in unforeseeable elements such as salary increases, job loss, or market fluctuations.

If you start at 21

• Earning a 5% annual rate of return: $585,651
• Earning a 7% annual rate of return: $1,079,289
• Earning a 9% annual rate of return: $2,072,512

If you start at 25

• Earning a 5% annual rate of return: $466,418
• Earning a 7% annual rate of return: $803,588
• Earning a 9% annual rate of return: $1,435,563

If you start at 30

• Earning a 5% annual rate of return: $347,239
• Earning a 7% annual rate of return: $551,394
• Earning a 9% annual rate of return: $902,121

Beginning your retirement saving journey

If your employer doesn't offer a 401(k), you could consider a Roth individual retirement account as a way to start building your retirement savings.

Qualified investors can contribute to a Roth IRA with after-tax dollars, allowing earnings to grow tax-free and retirement withdrawals to be tax-free and penalty-free as long as the account has been open for at least five years.

In 2024, the Roth IRA contribution limit for those under 50 is $7,000 and for those age 50 and older is $8,000.

In 2024, the income limits for single and head-of-household tax filers are between $146,000 and $161,000, while married couples filing jointly can earn between $230,000 and $240,000.

"Royal advises that young workers who anticipate higher tax rates in the future should contribute to a Roth IRA, as it offers tax-free gains for life."

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