How to Retire With $1 Million on a $50,000 Salary

If you're lucky enough to be the beneficiary of a major inheritance or happen to earn a six-figure income, well done you! You're likely well on the road to retiring as a millionaire (if you're not one already).

If you're like the average American, though, you can't necessarily rely on an inheritance or a six-figure income to fund your retirement, and amassing a seven-figure retirement nest egg will rest squarely on your own shoulders. The latest public statistics put the average annual U.S. salary a bit above the rounded figure of $50,000 (it was $51,916 in 2019) and that may seem like it won't be enough to get you to that goal. Housing costs, taxes, and other monthly living expenses likely consume most of your wages. The expense of living would make it easy to not even bother trying.

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Source Fool.com