You Need To Contribute This Much To Your 401(k) To Retire a Millionaire

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

You Need To Contribute This Much To Your 401(k) To Retire a Millionaire

J Scott Applewhite/AP/Shutterstock / J Scott Applewhite/AP/Shutterstock

It is possible to retire a millionaire on an average income, but it requires discipline. While appearing on an episode of

This is the hidden content, please

• Sign In
• or
• Sign Up

“Shark Tank” star Kevin O’Leary answered a question about how much to dedicate to

This is the hidden content, please

• Sign In
• or
• Sign Up

.

Read Next:

This is the hidden content, please

• Sign In
• or
• Sign Up

For You:

This is the hidden content, please

• Sign In
• or
• Sign Up

A woman named Twyla from New York asked, “What percentage of my salary should I invest in a

This is the hidden content, please

• Sign In
• or
• Sign Up

? I’m not sure if I can comfortably hit the recommended amount with my other living expenses.” Here’s what O’Leary advised.

Earning passive income doesn’t need to be difficult.

This is the hidden content, please

• Sign In
• or
• Sign Up

Contribute 15%, No Matter What

The “magic number” when it comes to retirement contributions is 15% of your income, O’Leary said. And while the woman posing the question said she wasn’t sure she could contribute the recommended amount, O’Leary posited that she could if she prioritized it.

“The number is 15%, and yes, you can [contribute that amount] by [stopping] buying all that ***** you don’t need,” he said. “You have to adjust your lifestyle to make sure you put 15% away.”

Learn More:

This is the hidden content, please

• Sign In
• or
• Sign Up

The Average ********* Will Retire a Millionaire by Saving 15%

O’Leary’s advice will make someone earning the average salary a millionaire by the time they retire.

“The average salary in America is $60,000,” he said. “If you invest 15%, you’ll end up with $1.5 million in the bank after a career, because it compounds with market returns of 6% to 8%. And you can do it with anything — all these apps you’ve got that are available out there, fintech apps, you could download and do this. You must invest 15% — minimum.”

More From GOBankingRates

This article originally appeared on

This is the hidden content, please

• Sign In
• or
• Sign Up

:

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up

#Contribute #401k #Retire #Millionaire

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up