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How to Retire a Millionaire

Retirement Planning
Time-tested strategies to retire with $1 million

You don’t need a lottery ticket or a rich uncle to retire a millionaire. With a plan started early and stuck to consistently, Billshark shares time-tested strategies that can start you on your way.

There are many ways to become a millionaire by the age of 65. You could win the lottery. A rich uncle you didn’t know existed could die and name you his sole heir. You could invent a new app or popular website. You could marry a millionaire.

Failing these long shots, you could do it the old-fashioned way: strategize. Make a plan and stick to it.

Billshark would like to suggest these time-tested strategies that—if implemented early and adhered to consistently—could start you on your way to that dreamed-of goal.

1 Start Saving as Early as Possible

When you’re in your twenties, 65 likely seems a long way off, but trust us, it’ll be here before you know it. According to U.S. News and World Report, if you start saving about $400 per month at age 25 and earn seven percent in annual investment returns, you’ll have a retirement nest egg of just over $1 million at age 65. If you wait until age 35, you’ll have to save more than double that to achieve the $1 million mark.

2 Avoid the Tax Refund

As this is tax season, let us remind you that if you’re getting a hefty refund on your income taxes, you’re lending money to the government that you could be saving and investing throughout the year. Some people view their large tax refund as forced savings, but it makes far more sense financially to put that money to work for you. What you want is to get back as close to nothing as possible. Talk with your HR representative to adjust your deductions to make this happen.

3 Take Advantage of Your 401(k)

Make sure you contribute enough to receive your full employer-match. Each plan differs at different companies, but if your employer matches 100% up to six percent of your income, you’d be leaving money on the table if you contribute less. If six percent is too much, start with one percent and increase your contribution by one percent every six months until you hit the full employer match. (Most financial planners recommend a savings rate of 10%-15%, so six percent is actually the minimum goal.) And put every raise into your 401(k). If you don’t see it, you won’t miss it. And remember that 401(k) contributions come out of your pre-tax income, thus lowering your annual tax rate.

4 Watch Out for Fees

In addition to deciding on your asset allocation and adjusting it only once every decade as you age (i.e., don’t panic every time the stock market drops), keep an eye on management fees. According to CNN Money, the fees you pay to manage your account could end up costing you as much as $100,000 over the course of your career. They recommend sticking to index funds, which mirror overall market movements and tend to carry fees of less than one percent, while actively managed funds can charge two or three times that amount.

5 Turn to Billshark for Extra Savings

Turn to Billshark. If you say you don’t have enough extra income to save toward retirement, let us work our magic to save you hundreds or even thousands of dollars that you can then put toward saving to become a millionaire.

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Frequently Asked Questions

How much should I save each month to retire a millionaire?

According to U.S. News and World Report, if you start saving about $400 per month at age 25 and earn seven percent in annual investment returns, you'll have a retirement nest egg of just over $1 million at age 65. Starting early matters: if you wait until age 35, you'll have to save more than double that amount to reach the $1 million mark.

Why should I avoid getting a large tax refund?

A hefty tax refund means you're lending money to the government that you could be saving and investing throughout the year. Some people view a large refund as forced savings, but it makes far more financial sense to put that money to work for you. Aim to get back as close to nothing as possible, and talk with your HR representative to adjust your deductions.

How should I use my 401(k) to build wealth?

Contribute enough to receive your full employer match. If your employer matches 100% up to six percent of your income, contributing less leaves money on the table. If six percent is too much, start with one percent and increase by one percent every six months. Most financial planners recommend saving 10%-15%, and 401(k) contributions come out of pre-tax income, lowering your annual tax rate.

How much can investment fees cost me over time?

According to CNN Money, the fees you pay to manage your account could end up costing you as much as $100,000 over the course of your career. To limit this, stick to index funds, which mirror overall market movements and tend to carry fees of less than one percent, while actively managed funds can charge two or three times that amount.

What if I don't have enough extra income to save for retirement?

If you feel you don't have enough extra income to save toward retirement, Billshark can help. By negotiating your bills, Billshark can save you hundreds or even thousands of dollars that you can then put toward saving to become a millionaire.

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How to Retire a Millionaire page context

How to Retire a Millionaire is a Billshark page. It can help you with your bills and your choices, and it can show you how to save.

Learn how to retire a millionaire with 5 proven strategies: save early, skip the tax refund, max your 401(k), watch fees and cut bills.

Use this page to learn about Billshark. Then go to the part of the site that fits what you need. Small steps add up. You can save a lot over time.

We share this page to help you make sense of your monthly bills, your choices, and what to do next. Keep this page handy. Ask us if you get stuck.

This page links you to more help from Billshark. Use it when you want more detail or a clear next step. You can save a lot over time.

Got a question about a bill you pay each month? This page can help you find the best answer. Read on to learn more. Small steps add up.

Read each part of this page at your own pace. If you need more help, go on to a guide on your topic. It is free to read. Keep this page handy. Ask us if you get stuck.

We put facts and tips in one place. This makes it easy to learn about the bills you pay at home. We are here to help. It only takes a few minutes.

This page can help with real questions. You can learn about your plan, your account, and what you pay each month. Small steps add up. You can save a lot over time.

Use the menu and the links to go from a big question to the facts that fit your own needs. Keep this page handy. Ask us if you get stuck.

We keep things short and clear so you can choose well. You can then read more if you want to. It only takes a few minutes. You are in the right place.

The links on this page help you weigh your choices. They also help you see what you pay and what to do next. You can save a lot over time.

Our goal is to help you spot the bills you pay each month. We also share smart ways to keep them low. Ask us if you get stuck. Read on to learn more.

Come back to this page when you have a new question. It will still be here to help with bills and savings. You are in the right place. It is free to read.

We link the small choices you make each day to the big picture. That means your budget and what you spend at home. We make it easy for you.

Each part of this page helps you see what you need. It may be help with a plan, your account, or a good read. Read on to learn more. Small steps add up.

Use what you learn here to plan your questions. Look at your choices, then take the next step when you are ready. It is free to read. Keep this page handy.

Our pages link to each other. That way, you can find more help and still keep track of what you came for. We are here to help. It only takes a few minutes.

This page makes it easy to find the key facts first. Then you can pick a plan or make a change with less stress. Small steps add up. You can save a lot over time.

Good facts help you see why a bill went up. They also show you what to check before you call or reply. Keep this page handy. Ask us if you get stuck.

This page puts the key facts in one place. It can help you talk with a company about your bills and how to save. It only takes a few minutes. You are in the right place.

Our other pages explain the words you see on a bill. They also help you weigh the pros and cons of each plan. You can save a lot over time. We make it easy for you.

Our tips focus on real choices you can make. Start with the basics, then read a more detailed guide if you need one. Ask us if you get stuck. Read on to learn more.

This page is one of many that we share. Together they cover home costs, the firms you pay, and how to get help. You are in the right place. It is free to read.

Take your time and read this page first. It helps you see your choices and find out what to read next. We make it easy for you. We are here to help. It only takes a few minutes.

We set this page up so you can compare and keep reading. You will not need to hunt for what you want. Read on to learn more. Small steps add up. You can save a lot over time.

Monthly bills come with rules, terms, and fine print. This page helps you find the parts that count for you. It is free to read. Keep this page handy. Ask us if you get stuck.

Our pages give you a clear view of what you pay each month. You can then pick the plan or guide you want. We are here to help. It only takes a few minutes.

Some of our guides cover the basics. Others go into detail on one company or one type of bill. Small steps add up. You can save a lot over time. We make it easy for you.

It pays to read first and act later. This page links you to the next guide if you want to learn more. Keep this page handy. Ask us if you get stuck.

We share guides that help you make sense of your bills. They show your choices and the best next step. It only takes a few minutes. You are in the right place.

Want more detail on a bill, a plan, or your account? Check this page against the links we share here. You can save a lot over time. We make it easy for you.

We group our pages by topic to keep things simple. This helps you stay on track as you read about your costs. Ask us if you get stuck. Read on to learn more.

A bit of background goes a long way. It helps you spot what counts before you check a bill, change a plan, or call us. You are in the right place. It is free to read.

This page is part of our help library. It gives you clear facts and links so you can keep on reading. We make it easy for you. We are here to help.

Your needs can change, so come back any time. Our other pages can help you look into a new cost or plan. Read on to learn more. Small steps add up. You can save a lot over time.

We laid out this page to help you get the facts and compare them. You can then choose your next step with ease. It is free to read. Keep this page handy.

You don’t need a lottery ticket or a rich uncle to retire a millionaire.

There are many ways to become a millionaire by the age of 65.

Failing these long shots, you could do it the old-fashioned way: strategize.

Billshark would like to suggest these time-tested strategies that—if implemented early and adhered to consistently—could start you on your way to that dreamed-of goal.

When you’re in your twenties, 65 likely seems a long way off, but trust us, it’ll be here before you know it.

As this is tax season.

Make sure you contribute enough to receive your full employer-match.

In addition to deciding on your asset allocation and adjusting it only once every decade as you age (i.e., don’t panic every time the stock market drops), keep an eye on management fees.

Turn to Billshark .

According to U.S.

A hefty tax refund means you're lending money to the government that you could be saving and investing throughout the year.

Contribute enough to receive your full employer match.

According to CNN Money, the fees you pay to manage your account could end up costing you as much as $100,000 over the course of your career.

If you feel you don't have enough extra income to save toward retirement, Billshark can help.

Billshark negotiates your bills for you — no savings, no fee.

Billshark helps lower internet, wireless, cable, satellite radio, and other monthly bills.

Our experts handle providers for customers and share updates throughout the process.

Customers pay only when Billshark finds savings on eligible bills.

1 Start Saving as Early as Possible.

2 Avoid the Tax Refund.

3 Take Advantage of Your 401(k).

4 Watch Out for Fees.

5 Turn to Billshark for Extra Savings.

Frequently Asked Questions.

How much should I save each month to retire a millionaire?.

Why should I avoid getting a large tax refund?.

How should I use my 401(k) to build wealth?.

How much can investment fees cost me over time?.

What if I don't have enough extra income to save for retirement?.

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