Is Your 401(k) on Track for a Millionaire Retirement?
Are you on pace to hit your retirement goals with your 401(k)? A million-dollar retirement fund sounds great to everyone, but it might be more important than you think. Every million dollars saved should produce about $30,000 to $40,000 of annual retirement income, according to the 4% Rule and its latest revisions. Still, most people aren't anywhere near this -- the median 401(k) balance is around $65,000 for 65-year-olds.
Want to stand out from the pack and retire with a big pile of cash? Consider the following key points to see if you're on track.
There are a lot of moving parts here, but your 401(k) balance is ultimately based on your income, savings rate, and rate of return.
Source Fool.com
