Want to Be a Millionaire in Retirement? Follow These 4 Steps
Saving at least $1 million before retirement could go a long way toward helping to provide financial security in your later years.
A million-dollar nest egg would produce around $40,000 in annual income if you follow the 4% rule, which says you won't run short of funds if you withdraw 4% in your first year of retirement and then adjust for inflation each year. Most retirees will want to have at least that much (if not more) to replace their preretirement earnings, with additional help from Social Security.
Saving $1 million is within reach for most people. Following these four steps can help make it happen.
Source Fool.com
