"But you still have plenty of time to make up for it, especially if you're under 40. In fact, one of the top ways most Americans become millionaires by retirement is by consistently contributing to retirement accounts. According to a Fidelity survey, for example, there are more 401(k) millionaires on its platform than ever before."
""As of June, there were roughly 497,000 so-called retirement-created millionaires in the U.S., according to the wealth management firm, which analyzed balances across 26,000 of its customers' accounts. Nearly 399,000 Americans also have a least $1 million in an individual retirement account. The key to stashing away such sums? Start early and contribute to your retirement plan consistently over many years, Fidelity said," as quoted by CBS News."
Individuals under 40 who fail to retire as millionaires often lack disciplined saving and investing habits. Consistent contributions to retirement accounts and starting early are primary drivers of retirement wealth accumulation. Fidelity data show hundreds of thousands of retirement-created millionaires within 401(k)s and IRAs. A common recommendation is to save at least 15% of household income toward retirement, particularly after becoming debt-free. Regular check-ins with a financial advisor can help optimize plans. There remains time to catch up for many people who begin or increase retirement savings before age 40.
Read at 24/7 Wall St.
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