45-22 = 23 years to compound.
If your portfolio value is $10,000 with a yield of 3.4% you currently are receiving $340 a year in dividends. If you fully DRIP your portfolio at an average of 3.4% and your stable of quality companies bumps on average their dividend by 6.6% a year, your dividend income will compound at 10% a year. Starting at $340, compounding for 23 years at 10% a year will get you dividend income of $3,044 when you are 45 if you add no more dollars.
Same numbers, starting with $50,000 will get you $15,222 at 45 and $100,000 will get you to $30,444.
Save as much money as you can, add to your dividend portfolio regularly, don't sell too often if at all, do responsible diligence on any considered company, be honest with yourself and the money will follow. You are in an amazing spot to be considering this a life goal at such a young age. Good luck.
Edit: Just food for thought. If you can somehow find something you love doing and can make money doing it and call it a job and hold off retirement another 10 years when you're 55 years old your numbers ( with no more money added remember ) look like this:
$10,000 compounding at 10% for 33 years = $7,900 / yr
$50,000 compounding at 10% for 33 years = $39,482 / yr
$100,000 compounding at 10% for 33 years = $78,965 / yr
Retire at 65 and it's:
$10,000 compounding at 10% for 43 years = $20,481 / yr
$50,000 compounding at 10% for 43 years = $102,408 / yr
$100,000 compounding at 10% for 43 years = $204,816 / yr
If your portfolio value is $10,000 with a yield of 3.4% you currently are receiving $340 a year in dividends. If you fully DRIP your portfolio at an average of 3.4% and your stable of quality companies bumps on average their dividend by 6.6% a year, your dividend income will compound at 10% a year. Starting at $340, compounding for 23 years at 10% a year will get you dividend income of $3,044 when you are 45 if you add no more dollars.
Same numbers, starting with $50,000 will get you $15,222 at 45 and $100,000 will get you to $30,444.
Save as much money as you can, add to your dividend portfolio regularly, don't sell too often if at all, do responsible diligence on any considered company, be honest with yourself and the money will follow. You are in an amazing spot to be considering this a life goal at such a young age. Good luck.
Edit: Just food for thought. If you can somehow find something you love doing and can make money doing it and call it a job and hold off retirement another 10 years when you're 55 years old your numbers ( with no more money added remember ) look like this:
$10,000 compounding at 10% for 33 years = $7,900 / yr
$50,000 compounding at 10% for 33 years = $39,482 / yr
$100,000 compounding at 10% for 33 years = $78,965 / yr
Retire at 65 and it's:
$10,000 compounding at 10% for 43 years = $20,481 / yr
$50,000 compounding at 10% for 43 years = $102,408 / yr
$100,000 compounding at 10% for 43 years = $204,816 / yr