It is possible to retire with millions even if you don’t earn a six-figure salary. The first step is to begin contributing to an IRA or 401(k) early in life. Moreover, contributions should be made consistently. Automatic savings can help in this regard. Another key step is to invest aggressively in stocks. Although volatile, they deliver high returns over time. If you can save 15% of a $50,000 annual salary starting at age 26, you will have over $2 million by the age of 67. However, if you stray from this plan, you may end up with much less.
Key Takeaways:
- Begin saving early in life and contribute to your 401(k) or IRA consistently.
- Be aggressive by investing in a diverse mix of stocks.
- If you save 15% of your earnings starting at age 26, you can reach over $2 million by age 67.
“But if you play your cards right, you could actually retire with millions even if you’re not bringing home a six-figure salary.”
Read more: https://www.fool.com/retirement/2021/11/14/how-to-retire-with-2-million-on-a-50000-salary/
Leave a Reply