Commencing year number 59.
It was my Birthday yesterday so I've been contemplating stuff. For one thing, if I had invested $1 per day in the stock market since the day I was born, today I would have $1,335,799.45. You know how they tell you to sponsor a kid in Africa for $1/day – why not sponsor your own grandchildren and make sure they will be Millionaires (inflation-adjusted) when they get to your age? A shortcut for that is to invest the first $3,650 to cover their first 10 years the day they were born and then add another $365 each birthday – you'll actually come out around $3M at 60.
That's all it takes to ensure your family's financial security and, if you pick nice dividend-paying stocks like AT&T (T), Pfizer (PFE), Walgreens (WBA), Coca-Cola (KO), IBM (IBM), Cisco (CSCO), 3M (MMM), Proctor and Gamble (PG), JP Morgan (JPM) and McDonalds (MCD) – you'll be nicely divesified in Dow components.
If your kids, like mine, are already in college and you missed the first 20 years of $1/day, don't despair, you can catch up by calculating how much money there should be using a Compoun