How to Retire With $1 Million on a $50,000 Salary

How to Retire With $1 Million on a $50,000 Salary

It's no secret that many workers are falling behind on their retirement savings. The average 401(k) balance is around $109,600, according to a 2020 report from Fidelity Investments, while the average IRA balance is slightly higher at $117,700. Retiring a millionaire may seem impossible if you're not wealthy, but it can be done -- even if you're earning an average salary.