Not all Americans have the answer to this question.
Saving one million dollars or more for retirement is like a dream come true for many Americans, Canadians, Europeans, and people living in other parts and countries of the world. When you have that much money, you will want to retire early and may be able to spend more and more time with your family and friends. Your lifestyle will surely improve and you won’t have to worry about running short of money when there is no source of income.
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How Many Americans Retire With One Million Dollars?
Statistically speaking, only 10 percent of all Americans who retire have $1 million or more. It means the rest of the 90 percent have less money and they are in the majority. The average savings people have when they think of quitting work is as follows.
- $357,000 for Americans aged 75 and older
- $426,000 for Americans aged 65 to 74
These amounts also include Individual Retirement Accounts and 401(k) plans.
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How Can You Save One Million Dollars For Retirement?
If you are young, have been working for years and your income is good, this is the right time to begin planning and saving something for retirement. Ups and downs are part of life and there is no guarantee that your kids will be supportive and will provide you with financial freedom when you grow old. So it will be good to save something for yourself and your partner so that you both don’t have to worry about expenses. Here are some tips to make it possible.
- First of all, you should consider enrolling in the 401(k) if you have not thought of it. This is needed to get the full employer match.
- Keep an eye on your investments. If you have made some of them, it is integral to check how they are going to benefit you in the long run. Ideally, you should invest in properties whose prices keep going up.
- Try to maximize the workplace retirement plan every single year. Also, you should think of opening a SEP IRA or solo 401(k) if you are self-employed.
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