In order to obtain $500,000 in retirement, how much do I need to save every year for 30 years at 6% interest?

How can you do this on a financial calculator - n i pv pmt fv?

Public Comments

1. Yahoo has great personal finance calculators on the main page, they are easy to use. Putting in your numbers, I get an annual contribution of about $5966. Try it yourself, under Finance Calculators. I believe it is under "How much do I need to save to reach my goal?". Compound interest is amazing, isn't it?
2. If by this you mean you want to have a $500,000 nest egg 30 years from now, then the answers are: n=30 i = 0.06 fv=500000 pmt = solve for this. This will tell you how much to save per year. If the questions asks how much per month, then the entries are different n=360 (or 30 x 12) i = 0.005 (or 6% divided by 12) fv = 500000 pmt = a monthly amount. The monthly payment when multiplied by 12 will be lower than the annual payment because the more frequent payments will give interest compounding more time to work.
3. Well just keep in mind that 500k is going to be chump change in 30 years. So what i would do is go for 500k without interest. And then it will be a lot better. 30 years is also a long time, so you can make adjustments as your situation changes. but if you go roughly $1300/mo * 12 months that is $15600/yr * 30yrs = 468,000. So lets say you get paid 2x a month. Put $650 from each check in and that will get you pretty close not counting interest.