Retirement Planning Secret #6:
Invest 20% Each Year

In the Dolans household, we believe everyone should put away at least 10 to 15% of their total income. But if you want to be a millionaire, that number really needs to be closer to 20%.

“Sure,” you say. “That’s easy for a millionaire to do. After all, he’s making MILLIONS!” 

Well, yeah — NOW he is. But there are endless stories about current millionaires who were just barely scraping by before they built their fortunes.

So what’s the lesson learned? For most of us, socking away 10-15% is a very nice goal and it’ll certainly bode well for our retirement years. But for those select few who really have their sights set on being a million-dollar retiree, go for the 20%. That extra 5% will go a long way towards helping you enjoy a richer and more care-free retirement.

Worried that it’s too late to build a million-dollar retirement? See our Retirement Catch-Up Plan and put your savings on the fast-track.

Next: Million Dollar Secret #7: Take Advantage of Tax-Free and Tax-Deferred Savings plans