"Retiring a millionaire isn't what it used to be. Living costs have risen substantially over the years. So now, while a $1 million nest egg certainly does not make you poor, it doesn't necessarily make you rich, either. Still, a lot of people have the goal of retiring with at least $1 million. And you may be wondering how many retirees actually manage to achieve that goal. The number is surprisingly small."
"One of the most important things you can do if you want to retire with $1 million or more is begin contributing to your nest egg at a fairly young age. In fact, you should ideally start funding an IRA, 401(k) plan, or the account of your choice as soon as you begin collecting a steady paycheck. Some people wait until their 30s or 40s to begin saving for retirement."
A very small percentage of Americans retire with $1 million or more in savings. Living costs have risen substantially, so a $1 million nest egg no longer guarantees wealth. Only a little more than 3% of retirees have $1 million or more in retirement savings. Achieving a $1 million nest egg requires a strategic approach. Starting contributions to an IRA, 401(k), or other retirement account in your 20s gives money time to grow. Some people wait until their 30s or 40s, reducing growth potential. Consistent contributions, early starts, and aggressive investing increase the likelihood of reaching a $1 million retirement goal.
Read at 24/7 Wall St.
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