Want to Retire a Millionaire? Dave Ramsey Says These Simple Criteria Are All You Need

"One of the most reliable ways Americans reach millionaire status by retirement is simply by contributing consistently to tax advantaged retirement accounts. A recent Fidelity survey shows this trend clearly. The firm reported that as of June, there were roughly 497,000 retirement created millionaires across its platform. Nearly 399,000 Americans also hold at least one million dollars in an individual retirement account."

"If you are not close to those levels yet, there are practical steps you can take. First, Ramsey recommends that anyone older than 25 aim to save at least 15 percent of household income for retirement, but only after becoming debt free and establishing an emergency fund. That target may feel out of reach at first, but the important part is to begin with something and build up over time."

Consistent contributions to tax-advantaged retirement accounts are a primary path to becoming a millionaire by retirement. Fidelity reported roughly 497,000 retirement-created millionaires on its platform and nearly 399,000 Americans hold at least one million dollars in an IRA. Starting early and contributing steadily over many years builds balances. Prioritize becoming debt-free and establishing an emergency fund before targeting retirement savings. Aim to save about 15 percent of household income for retirement once those prerequisites are met. Maximize employer retirement matches, contributing at least the matched percentage when available. Consult a financial advisor for personalized guidance.

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