Millionaire 401(k)s Fueled by Decades of High Savings Rates and Early Money Lessons
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Millionaire 401(k) balances came from long-term saving (average 26 years) and high contribution rates (17.5% of pay on average)
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Early financial education from grandparents and parents had a big influence on developing good saving habits from a young age
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Employers play a key role by offering 401(k) plans and providing education on importance of participating and maximizing contributions
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Younger workers should start contributing as much as possible to 401(k) plans as soon as possible to benefit from decades of tax-deferred compound growth
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Small, consistent contributions add up over time; it's never too late to start saving, even if you can only afford to contribute a little bit at first