398: 7 Ways to Get $1 Million in Your 401(k) Plan

Be Wealthy & Smart

Linda P. Jones

Finance, News, Invest, Investing, Economy, Money, Financial, Business News, Business

4.8 • 883 Ratings

🗓️ 16 April 2018

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

Learn how to maximize your investments so your 401(k) or
retirement plan will accumulate $1 million.

About 150,000 people have a 401(k) of $1 million or more in 2017
and 152,000 IRA’s have $1 million or more.

Here are the steps to take:

1. Start as soon as possible.

2. Invest the maximum or at least get the match.

401(k) & 403 (b) = $18,500

Roth IRA benefits phase out (you can’t contribute) if you earn too much money.

IRA $5,500

3. If you’re over age 50, add the catch up provision.

401(k) $18,500 + 6,000 = $24,500

IRA $5,500 + $1,000

4. Invest in stocks.

10% average annual return.

$3,000 per year for 35 years @10% = $978k

$8,000 per year for 25 years @ 10% = $952,000

$24,000 per year for 15 years @ 10% = $939,000

5. Don’t use target funds.

6. Get comfortable with risk.

7. Stay the course.

Transcript

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0:00.0	Be wealthy and smart episode 398.
0:03.0	I'm gonna live on rich life.
0:06.0	Rich life.
0:07.0	Pull that's life.
0:10.0	If y'all know what I mean, put your hands up and declare with me
0:13.4	Yeah, I'm full of bed ech, echime. I'm gonna live the good life
0:20.8	the beautiful and glorious life. Good Life.
0:25.0	Step into a world of wealth and financial freedom without budgets, boredom or bosses, on be wealthy and smart. And now here's your host, Linda P. Jones.
0:37.0	Welcome to Be Wealthy and Smart. I'm Linda P. Jones, America's Wealth Mentor.
0:40.8	Empowering women and men worldwide to financial freedom.
0:44.3	On today's show we're going to talk about the seven ways to get a million dollars into your
0:49.3	401k plan and you're going to learn how to maximize your investments and what to do exactly
0:56.6	so that you can get a million dollars in your 401k plan if you don't have that already.
1:01.5	I was reading an article that talked about how many people
1:04.8	have a million dollars in their retirement plan. Do you have any idea? Well in 2017 about
1:12.4	150,000 people have a 401k that has a million dollars or more in it and
1:19.4	152,000 have an IRA with a million or more in it. So congratulations, if that's you, if that depresses
1:27.9	you, well then listen on and we'll talk about how you can get a million dollars in your 401k plan.
1:33.8	Because I do believe that it's something that is achievable for everybody.
1:38.8	And there are some secrets to what you can do
1:42.4	to help get this happening easier for you and help
1:46.8	it be a little bit more certain for you.
	...

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