You hear it all the time, “All you have to do is save $1 million dollars by the time you retire and you will be able to live quite comfortably for many, many years.” Sure, but in reality, how many people are actually able to save an entire $1 million? Not many. Which is too bad because as people are living longer, their meek savings and social security benefits are not allowing them to live their retirement years the way they had imagined. If you want to maintain your standard of living and be able to pay for unexpected health care costs, aiming to save $1 million is your best bet.
Here are five tips to help you save $1 million by the time you retire.