€100'000 by 2024...So how much would i need to save Pm?

TOFFEEPOD

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I am looking to the future and wondering where and how much i would need to save per month to have €100'000 LUMPSUM on Dec 31st 2024, if i started this plan say on July 1st 2012.
The 100k could be out of reach for me but i am interested to see what might be needed to reach it,And where the best returns are depending on the interest rates .
 
€500 per month will give you savings of 75K
€600 per month will give you savings of €90K etc..

An post have National Solidarity Bond (10 Year)
50% Gross return over 10 years, AER 4.14%, made up of an annual interest payment of 1% p.a., subject to DIRT, and a final tax free lump sum bonus payment of 40%.

I'm sure those more clued in on these bonds will advise you how best to approach it.
 
Using AIB saving calculator ([broken link removed])
to reach € 100,000 in 12 years

you will have to save € 560.14 per month for 12 years at 3.5%
you will have to save € 577.84 per month for 12 years at 3%
you will have to save € 596.02 per month for 12 years at 2.5%

This is before DIRT, I think which would be about € 5,000 so you would only recover around € 95,000
 
Over that period of time you could invest in equities. Taking the average annual return of the stockmarket over the last 100 years and net of 30% tax and a 1%pa annual management fee you would need to save around €450pm.

Another way of looking at this question is what would 100k be worth at the end of 2014?
Assuming 3% inflation in today's money it is about €68761.
 
The value of the 100k in 2024 0f of under 70000 is interesting, i wonder is this saving scheme worth it, or would equities be better way to go even allowing for the risk.
 
Thanks for the replys so far guys,It would be nice to be able to acheve this target,Need to fnd out more about the An Post Bond, Looks good but i wonder is there a penalty for early withdrawl if needed.
A mixture of savings and equities could be the way to go do you think?
 
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