Three granddaughters have been investing since age four or five, learning about compound interest early. Harnessing compounding can lead to retiring a millionaire regardless of income. Starting with $1,000 and earning a 5% return annually can steadily grow over time. By contributing $500 monthly to a 401(k), steadily increasing contributions, one can build a nest egg. Employer matching contributions can accelerate retirement savings, especially if vested. Focus on short-term goals to stay on track with the plan. Building a nest egg of over $1 million is achievable with a solid plan.

Maximizing Social Security benefits could boost retirement income by as much as $23,760 annually, ensuring a confident retirement. Join Stock Advisor to learn more about strategies to maximize Social Security benefits.

Read more at Nasdaq: How Compounding Can Help You Retire a Millionaire — Even on a Modest Income