You don’t need to be a ‘Silicon Valley entrepreneur' to be rich, financial advisor says. Here's how to retire a millionaire

Published On Dec 13, 2024, 2:13 PM

Financial experts suggest that nearly anyone can accumulate $1 million for retirement by adhering to key strategies such as starting to save early and consistently saving a portion of income. Key elements include utilizing retirement accounts like 401(k)s or IRAs, capitalizing on compound interest over time, and maintaining a disciplined saving approach. Recent data shows a significant increase in the number of 401(k) and IRA millionaires in the U.S., driven largely by stock market gains. Financial advisors emphasize that even modest savings can lead to substantial retirement wealth if approached correctly and with patience.