Got 10 Minutes? Here Are 3 Steps to Hop on the Millionaire Retirement Track
A lot of people who retire as millionaires don't necessarily earn six-figure salaries throughout their careers. Rather, they work hard, save wisely, and make smart choices about how they want to live once their careers come to a close. If you're set on retiring a millionaire, here are a few key steps to take sooner rather than later.
Maurie Backman: Do you actually need $1 million to live on for retirement? Maybe you don't.
It could be that based on your lifestyle choices, you'll do just fine with a $500,000 nest egg. A lot of people get their minds set on that coveted $1 million target, but before you sacrifice a ton to get there, make sure that's actually what you need and want. If you intend to settle down in a modest town where the cost of living is cheap, spend time with family, and keep busy volunteering, then you may not need as robust a nest egg. The same holds true if you have every intention to work in some capacity during retirement, whether by picking up a local job or starting a business of your own that functions as both an income source and a hobby.
Source Fool.com
