For many, an employer retirement plan like a 401(k) is a powerful wealth-building tool that can turn retirement dreams into reality. Obtaining 401(k) millionaire status requires steady action over the years, but it's more doable than you might think.

At the end of 2023, over 400,000 accounts had at least $1 million at Fidelity Investments alone. Do you want to join them? Here are three secrets to getting the most out of your 401(k) plan and retiring a millionaire.

401(k) plans make it simple to participate. You can elect to contribute a percentage of each paycheck to your plan. The problem for many people is that they elect to contribute the bare minimum or less than they can truly afford. Remember that your savings rate, the percentage of your income you invest, will significantly affect how much wealth you accumulate in your 401(k) over time. The more you put in (and the earlier you do it), the better off you'll be.

Continue reading

Source Fool.com