Through careful planning and smart investments, you can have a cool million in the bank by the time you reach your 50th birthday.
For many people, saving $1 million for the future is the ultimate savings goal. Even if it's mostly psychological, the power of being able to say you are a millionaire is a real boon for many people. That said, getting to $1 million isn't easy. It requires careful planning, smart investments and a little bit of luck.No matter what you do, there is no guarantee you'll have $1 million saved by the time you hit 50 — or ever.
It grows, tax-free, until retirement, at which point you take dispersals.'Save as much as you can to whatever qualified retirement plan that you're a part of,' says Erik Nero, a certified financial planner and the co-founder of First Step Wealth Planning.The tax-free part is what makes this such an important part of your retirement plan. You are able to avoid giving some of your money to Uncle Sam and instead put it to work growing for your future.
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