Your 401(k) Millionaire Action Plan for 2022
Will 2022 be the year you make progress on your goal to retire as a millionaire? The answer is yes -- if you can do two things. First, keep reading. You'll learn four easy, essential steps for building wealth in your 401(k). Second, implement what you learn. If you take action, results will follow.
The goal to amass $1 million in your 401(k) is a long-term one. If you're just starting that journey, the endpoint can seem unattainable at times. To avoid feeling discouraged, try breaking up that big goal into several smaller milestones. You'll see faster progress toward reaching those initial milestones, and that stokes your motivation.
More modest goals work best if you focus on factors you can control. For example, you can set a goal of contributing a certain dollar amount to your 401(k) this year. Or, you can commit to using 50% of your next raise to increase your retirement contribution. These are more effective goals than, say, targeting 12% growth in your portfolio over the next 12 months.
Source Fool.com
