Like everyone else, I have to assume that I need to take care of my own retirement. I only finished school 3 years ago, so I don't have a lot of money. However, by the time I retire, I'd like to have at least a million euros in my bank account. Bing! And I think you should too.

In the best case scenario, I assume a 5% annual interest rate. Given a million euros, that would translate to 50,000 euros a year in interests, or 4,166 euros a month. Given that inflation erodes the value of money, a euro today is worth more than a euro tomorrow. If we assume inflation will be 2.5% year over year, prices will double in 30 years. So by the time I retire, that 4,166 euros is the equivalent of 2,000 euros today. In other words, a million euros doesn't look like a crazy number to aim for.

In the worst case scenario, I assume a 1% annual interest rate on one million euros. In this scenario, I can't live on the interest rates and would need to eat slowly away from my one million euro bank account. Assuming that I withdraw the same 4,166 euros a month during my retirement, I'll burn through my one million euros in less than 25 years. Some people live longer than 25 years after they retire.

Philip Van Hoof (not verified):On top of owning real estate? For most people earning a million Euros just for retirement, on top of owning real estate, is plain impossible. We have this thing called "pensioensparen" in Belgium; an advice, especially for self employed people, is to maximize on that.

Because yes, retirement will not be very fancy in 30 years. Our government is making absolutely sure it will not be.

I by the way expect more average annual inflation than just 2.5% between now and 30 years. Expect that one million Euros wont be much money in 30 years: Before all European countries' debts have all been bailed out will the Euro have devaluated so much that in 30 years 4166 Euros is worth ~ 1000 Euros of today. Probably even less.

The Euro and its backing economy is still in shock and awe of the economic and financial crisis. But in a few years inflation caused by ECB's money printing (to bail out all the countries) will inevitably start hitting really hard.

And countries that traditionally have a lot of private savings (like Belgium) will indeed loose a lot of wealth this way.

So if I can give anything as advise: don't try to safe a million Euros in cash. Invest it. For example in real estate. Something with intrinsic value.

How to get there? Be self employed and invoice as much as you can.