- Americans collectively hold almost $9.3 trillion in 401(k) retirement plans, with an average balance of $127,100 and $267,900 for baby boomers.
- Only 595,000 individuals are 401(k) millionaires, highlighting the importance of early and consistent contributions for retirement wealth.
- Starting to save early can make a significant difference, with small, consistent contributions potentially leading to over $1 million by age 65.
- Utilizing apps like Acorns to automatically invest spare change can help build a diversified portfolio for retirement savings.
- Revisiting insurance policies, including home and car insurance, can help cut costs and save an average of $482 per year.
- Comparing quotes from trusted brands through platforms like OfficialCarInsurance.com can ensure you’re getting the best deal on car insurance.
- Ensure financial stability by starting to fund retirement accounts early and seeking guidance from a qualified financial advisor for long-term wealth building.
Read more at Yahoo Finance: How many Americans are 401(k) millionaires? How to kick-start your savings