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1 Secret of Millionaire Retirees

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It may be hard to fathom building a million-dollar retirement portfolio when the median retirement savings for American households is $87,000. However, a shift in your mindset and finances can take you far.

You don’t need to worry about complicated financial strategies or grinding out long hours because this one millionaire retirement secret has proven to work time and time again.

Excited retiree looking at computer.

Image source: Getty Images.

Make it easy to win

It’s easy to fall into the trap of thinking that becoming a retirement millionaire is only possible if you invest in the hottest stock in the market or land a 10-bagger. However, the process can be much more straightforward if you get a good handle on the basics, such as contributing to retirement accounts, investing in assets like exchange-traded funds (ETFs), and staying in the game over the long term. And if you create a plan that allows you to put your contributions on autopilot, you can reach your goal without lifting a finger.

To get the ball rolling, here are a few items to check off the list to make it easier to achieve your millionaire retirement goals.

  • Beef up your emergency fund
  • Live below your means
  • Pick up profitable skills
  • Invest in quality assets

Fidelity Investments reported that by the end of 2023, there were 422,000 people with 401(k) balances of $1 million or more, and another 391,562 IRA millionaires. If you started contributing $6,500 annually to a Roth IRA at age 20 and earned a 10% return, you could join the IRA millionaire club by the time you’re 50. Tack on contributions to a 401(k) and max out your retirement accounts every year, and you could potentially build a seven-figure retirement portfolio in less than 30 years.

Becoming a retirement millionaire only requires a few simple steps. The easier you make the process, the better your chances of sticking to the plan and unlocking the retirement you’ve always dreamed of.

What stocks should you add to your retirement portfolio?

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now. The 10 stocks that made the cut could produce monster returns in the coming years, potentially setting you up for a more prosperous retirement.

Consider when Nvidia made this list on April 15, 2005… if you invested $1,000 at the time of our recommendation, you’d have $578,143!*

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See the 10 stocks Β»

The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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