Saving for Retirement? Don't Forget to Do This With Your Money ASAP
A recent Northwestern Mutual survey shows that Americans believe they need $1.46 million to retire comfortably. Unfortunately, you won't have a shot at achieving those goals if you just stick to contributing to retirement accounts and do nothing else. But there's one move that can supercharge your savings and give you a better chance of becoming a millionaire retiree.
Image source: Getty Images.
Let's say you meet the income requirements and can set aside $7,000 in your Roth IRA every year for 40 years. That's $280,000 in contributions saved. Contributing money to a retirement account is a great start to boosting your retirement savings, but it's not enough. If you contributed $7,000 annually and let the money sit in your account, it would take you more than 142 years to reach $1 million.
Source Fool.com
