Planning For The Millionaire Club When You Are 30

BOSTON (CBS) - This is a tough decade. You now want the grown-up things, marriage, house, kids. So becoming a millionaire make take a back seat.

But if we are looking at the Fidelity plan to replace 85% of your income in retirement and becoming half a millionaire then by 35 you should have saved 1 times your salary. So with an end salary of $60,000 then you would have $60,000 in your 401(k).

Oops! Most people have not saved that much by age 35.

If you don't have $60,000 saved by your 35^th birthday don't despair. If you are able to start at age 35 and save $3,500 a year and if we assume you will earn an 8% average return, your nest egg could have over a half of million dollars ($500,000) at age 67.

To reach that million dollar amount you have to save more; $7,500 a year.

You still have the luxury of 30 years or more to accumulate assets for retirement. Contribute as much as you can to your employer's retirement plan and be sure though you are contributing enough to take advantage of your employer's match.

During this third decade of life people are looking to achieve the American Dream, a house with a two-car garage, a picket fence, and kids. Getting out of debt is critical here if you want to achieve your goals and dreams. Too much debt will prevent you from getting the best rates on a mortgage or sometimes prevent you from getting the mortgage altogether.

A poor credit score can affect your goals by slowing down your ability to achieve the American dream. Not only creditors look at your credit score and history, but potential employers, insurance companies and landlords may be looking at those reports. So using credit wisely is crucial during this decade.

With some discipline you can do it.

One more thing:

What does it take to be a Millionaire?

Here is a fun chart to see just where you are at with your own retirement planning. The younger you are when you start the less you will need to save!

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• Anthony Silva