Saving for Retirement is Important: It Can Make You a Millionaire

In A Successful Retirement Requires Planning, Commitment and Savings (The Street 2/16/2022), Jeanette Pavini gives good advice about the importance of saving for retirement. Take-away nuggets include:

• "Experts estimate people will need 70% to 90% of their preretirement income to maintain their standard of living"
• "Experts across the board suggest that if you are offered a retirement savings plan, sign up and contribute the maximum amount you can."

Pavini mentions 401(k) plans, pension plans, IRAs, and Social Security retirement benefits. It's a brief article that serves as a helpful reminder of the importance of saving for retirement. The Street has other informative articles about retirement: https://www.thestreet.com/tag/retirement

Update 2/19/2022:

In A record numbers of workers are becoming millionaires (Washinghton Post 2/18/2022) (Apple News link), Michelle Singletary reports that "the newly minted millionaires next door" got their fortunes "with their boring 401(k)s and IRAs":

many current millionaires are government workers, civil servants, educators, military service members (or retired military), managers or co-workers clocking in just like you, leaving at the end of a shift to run and pick up their kids from school. Many never earned six-figure salaries.

They’ve been investing for nearly three decades, taking every dollar offered by their employers in matching retirement plan contributions. They also don’t cash out their retirement savings when they change jobs.