Retiring a millionaire isn’t as farfetched as it may seem. With a bit of saving, investing, and a proper plan, you can be well on your way to hitting $1 million — or more — by the time you reach retirement age.
In fact, the number of retirement millionaires have reached record levels, according to data from Fidelity Investments, the nation’s largest provider of 401(k) savings plans. Retirement savers with a 401(k) balance of $1 million or more increased to 365,000 during the first quarter of 2021, while the number of those with an IRA with a balance of $1 million or more jumped up to 307,600.
Here’s how you can retire a millionaire: