How Many Years of Maxing Out a 401(k) Does It Take to Become a Millionaire?
One million dollars is a popular benchmark for retirement savings. As the lowest whole number to use seven digits, $1 million makes for a straightforward wealth target. Reach it and you earn a fun title -- millionaire -- plus you have a nice nest egg to supplement your Social Security.
The big questions are, how do you reach the $1 million dollar milestone and how long will it take? Here are your answers. The surest path is to max out your 401(k) contributions until you hit the goal. And, as the table below shows, your timeline will vary depending on how your investments perform.
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Source Fool.com
