How to be a 401(k) millionaire
Fidelity Investments analyzed the savings habits of roughly 1,100 401 investors who earned less than $150,000 a year and had accumulated more than $1 million in 401 savings to determine how they reached the million-dollar mark.
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Since: Nov 13
#1 Nov 13, 2013
Because they started saving early and therefore had accumulated $426,000, on average, by 2000.(Their current average balance:$1.2 million.)
Saved 14% of their annual pay, on average, not including their company match.
Took full advantage of company contributions that averaged 4.8%, by saving up to their employer’s match and receiving profit-sharing contributions.
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