Can you really become a millionaire with your 401K?

Prepwise AnswersCategory: LifeCan you really become a millionaire with your 401K?
Greston Wise Staff asked 6 years ago
Career Dev Staff Staff replied 5 years ago

Is it possible? Yes. Is it likely? No.
The main criteria of amassing $1,000,000 in your retirement savings consist of having an extremely well paid job $100,000 for more than 35 years, with an employer that is willing to match your contributions, and with ROI of over 4%, which many consider unrealistic.
It has been done, but it is certainly not commonplace.

Career Dev Staff Staff replied 5 years ago

Is it possible? Yes. Is it likely? No.
The main criteria of amassing $1,000,000 in your retirement savings consist of having an extremely well paid job $100,000 for more than 35 years, with an employer that is willing to match your contributions, and with ROI of over 4%, which many consider unrealistic.
It has been done, but it is certainly not commonplace.

1 Answers
Career Dev Staff Staff answered 5 years ago

Is it possible? Yes. Is it likely? No.
The main criteria of amassing $1,000,000 in your retirement savings consist of having an extremely well paid job $100,000 for more than 35 years, with an employer that is willing to match your contributions, and with ROI of over 4%, which many consider unrealistic.
It has been done, but it is certainly not commonplace.