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Key Points. A Reddit poster with $273,000 saved recently asked when they’d become a millionaire. Even without any additional savings, the poster could reach a 7-figure nest egg in 15 years ...
Most employers offering 401(k) plans offer a match, so double-check to ensure you get the most easy money possible. A father and daughter put coins into a piggy bank. Image source: Getty Images.
In fact, Fidelity recently reported a record number of 401(k) millionaires, with 485,000 customers having $1 million or more in their 401(k) accounts as of Q1 2024.
To become a 401(k) millionaire, you don’t have to get lucky by picking a hot stock that soars. “I’ve always kept it simple,” Gilbert said. He invested in low-cost mutual funds, primarily ...
There are more 401(k) millionaires in the U.S. than ever before. Fidelity Investments performs a quarterly analysis of retirement savings. Its most recent report revealed a record-high 497,000 ...
Still, while post-COVID inflation surges aren't common, prices are always going to go up over time. The $1 million you have today won't provide $1 million in buying power years from now.
Start with regular investments and patience to grow your 401k.
The Average American Will Retire a Millionaire by Saving 15% O’Leary’s advice will make someone earning the average salary a millionaire by the time they retire. “The average salary in ...