Take These 5 Key Steps Today to Retire a Millionaire

Looking to retire comfortably? Take these steps now.

ADAM MCFADDEN | May 1, 2022 | Updated May 27, 2022

Take These 5 Key Steps Today to Retire a Millionaire

Looking to retire comfortably? Take these steps now.

ADAM MCFADDEN | May 1, 2022 | Updated May 27, 2022

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Retiring as a millionaire is the dream of many Americans, and while a million dollars isn’t what it used to be, that level of wealth would make retired life comfortable for many. The good news for you is that this goal is achievable, especially if you have plenty of time before retirement.

Retiring a millionaire is simple, but not easy. The key? Act right now.

1. Find the right expert for your situation

Sure, you can search for financial advice online, but it’s never going to be specific to your financial situation. The best option will always be an experienced professional who can look at your finances and advise you on what to do. But who has time to sift through thousands of advisor profiles?

WiserAdvisor does all that work for you, matching you to the best financial advisor for your specific situation so you get in an expert in the areas you need.

There’s no cost to you and no obligation to hire the advisor, so there’s not much to lose. Plus, WiserAdvisor screens advisors to make sure you’re only getting the best experts.

Find the best expert for free

2. Start saving ASAP

It’s never too early (or too late!) to start saving for retirement. The sooner you start saving, the sooner you’ll be able to invest and have your money going to work for you. You could retire a millionaire a lot faster if you throw more money into these accounts sooner.

Start with a new High Yield Savings Account today so that you can start stashing cash. Open a Marcus Online Savings Account and earn 4 times the national average.

This account not only lets you save money and earn higher than average interest, but you also get digital convenience with 24/7 online access and no fees or minimum deposits required. You can open an account and transfer money into it in less than 10 minutes to start earning interest by tomorrow and get closer to your $20,000 goal!

Earn 4x the national average with a Marcus Online Savings Account.

3. Work with a company that knows how to invest

The wealthy almost all have money managers, but you don’t have to bring in big bucks to work with a professional investment company. No matter what your income looks like, working with companies that understand how to invest will help you.

Vanguard’s Digital Advisor is professional money management at a low cost. They can help you invest your retirement savings so you can focus on other things.

Try it for the first 90 days with no advisory fees.¹

Take advantage of Vanguard’s time-testing methodology and experience the wealthy have trusted for years. With Digital Advisor’s practice of consistent rebalancing, you can rest easy knowing your investments are diversified and proportionally allocated – a must for any investment portfolio.

Maybe that’s why the wealthy use investment pros and why you should too.  Let Vanguard’s new online financial planner match an investment strategy to your retirement goals.

Start now

4. Generate passive income and receive regular dividend payments

Real estate is a great choice to generate additional, passive income for the long haul. Unlike investing in stocks, real estate is shielded from the constant ups and downs of the market and offers a return of up to 6% over time, which makes it a smart way to diversify your portfolio.

HappyNest now makes investing in real estate easy and accessible with a minimum investment of just $10. And if you invest at least $10 within 24-hours, you’ll receive a $10 bonus investment. It’s simple to get started: Download the HappyNest app, pick how much you want to invest and watch for capital appreciation and dividends.

Investing in real estate is a great option for anyone looking to build long-term wealth that can stand up to risk and market volatility. HappyNest allows your nest egg to grow over time.

Click here to become a real estate investor for as little as $10 and get a $10 bonus.

5. Keep track of what’s important

There’s a lot to keep up with in life. You have IDs, health records, financial and investment accounts, legal documents, insurance policies, tax returns, bills, and more. Nothing provides peace of mind like being hyper-organized and having everything you need in one place.

With a tool like Trustworthy, you can easily protect, organize, and optimize your most important information. This is an especially useful tool for families where you need to keep track of records for multiple people. Trustworthy helps you stay organized and even sends auto-reminders when it’s time to shop your insurance or an annual bill is coming due.

It’s like your very own digital personal assistant. You can even catalog your valuables in the event you ever need to file an insurance claim for loss or theft.

Sign up and make sure you’re prepared for what life throws at you

Do you have savings tips for fellow retirees, or were you able to save money with these services? Email us at Money@GOBankingRates.com and share your story. We may even choose to highlight it in a future article. Nicole Spector and Adam McFadden contributed to the reporting for this article.

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¹The introductory waiver period for Vanguard Digital Advisor’s net advisory fee begins when the first account’s enrollment is complete and ends after the close of the first billing period (generally 90 days), which is specific to each client. If you enroll additional accounts at a later date, you can still take advantage of any remaining fee-waiver period. However, each additional account you enroll won’t trigger a unique fee-waiver period but will instead be commingled with your first enrolled account. If you unenroll before your fee-waiver period ends, you won’t owe an advisory fee. But if you choose to reenroll in Vanguard Digital Advisor during or after your fee-waiver period, you won’t be eligible for a second fee waiver. This fee-waiver offer may be modified or discontinued anytime at the sole discretion of Vanguard Advisers, Inc. Accounts in employer-sponsored retirement plans aren’t eligible for this fee waiver. All costs associated with fund expense ratios still apply at all times. The fee waiver promotion is available for Vanguard Brokerage Accounts only.