Photo courtesy Pexels.com Every few months the financial press releases an article on the increasing number of 401k millionaires. “Number of 401k Millionaires reaches all time high” “41% increase in number of million dollar 401k accounts”. Th e standard advice is offered on achieving this milestone-401k millionaires stay at the same job for years, are high earners, save enough to get a company match-in fact up to 15% of their earnings, and start saving at an early age. Easy right? Of course the ~150,000 401k millionaires at Fidelity represent less than 1% of their total number of retirement accounts. If it’s so easy why is the average American’s retirement savings only $95k? The average salary in the United States is $56,000 before taxes. Federal taxes drop that number down another 20% (assuming you live in a no state income tax state). After housing-$12,000 rent, transportation $9,000, food $6,000, health care $4,000, and miscellaneous expenses $5-$10,000 there’
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