NEW YORK (CNNMoney)– I’ve always heard that if one starts to invest in their 30s and get 8% per year, they can retire with $ 1 million because of compound interest. Is this true and, if so, where can I find investments which will regain it? –Denise, Sacramento, California

30 years saving $ 500 per month and get a return of 8% per year in savings they will end up with more than $ 1 million at the age of 65.

Similarly, if it’s the same 30 years earn $ 40,000 per year and saved 12% of salary every month, he would also have roughly $ 1 million by 65, assuming an annual increase of 2% and 8% annual returns.

There are more ways to reach $ 1 million, depending on when you started, how much You get rid of it on a regular basis and how you invest what you save.

You can also estimate how many years you might to achieve a seven digit number sign calculator by going to the millionaires and enter in your age, projected investment returns, the amount that has been stored and how much you plan to add every month to your savings.

The class is the only class of salaried taxpayers where minimum tax planning opportunities. The only support in terms of tax savings is via HRA deduction and perquisites provided by employers are taxed concessional rates. One will have to wait to see if the FM brings in some help by increasing the allowances of Rs 800 vehicles per month (reintroduced in 1997) as compared with the situation today when one has to pay nearly Rs 800 for a taxi ride one.

Then a medical replacement, which exempted upto Rs. 15000 only, is also one of the areas that impact the salaried class when medical costs have sky rocketed. It will be interesting to see if FM brings some sops by way of reduced tax rates, increases the exemption limit or even by increasing the limit for interest paid on housing loans repayments. No doubt, the reduction and concessions that are prescribed for a class of salary has not kept pace with the trend of inflation that the country has witnessed and thus, one expects the FM to do some rationalization so that “Aam Aadmi” can be entertained.

Currently, the deduction under section 80 C of the Act is limited to Rs. 100,000. However, with no social security scheme in India that can support people’s retirement, the limit of Rs. 100,000 seems to add a little savings at a time of high inflation occurring. Further, infrastructure bonds are disclosed on the 2010 budget for 2011 and 2012 have proved very successful and has provided additional tax benefits to the people. It will be interesting to see if the Government extends the same to keep the savings tax window opens to the taxpayers and continued momentum for infrastructure projects that are going on in the country.