May 20 is National Be a Millionaire Day. There are more millionaires in America than ever: Federal Reserve data puts the count at roughly 24.5 million households, close to 1 in 10.
Most of them got there the same boring way: they earned a paycheck, lived below it, and invested the difference for decades.
Here is exactly what it takes to hit $1,000,000 at any age, the accounts to use in 2026, and a calculator to plot your own path.
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Quick Millionaire Facts
First, let’s look at some quick millionaire facts before we dive in. Too many people are discouraged about becoming a millionaire, while the math of becoming one is more achievable than most think.
- There are 24,500,000 millionaire households in the United States
- There are 51,882,000 millionaire households worldwide (Source: Credit Suisse)
- 80% of millionaires are self-made (only 20% inherited their wealth) according to the The Millionaire Next Door by Thomas J Stanley.
And remember, getting to a million is just about your savings rate:
Here’s the amount you need to invest per year to reach $1,000,000 by age 62:
|
Starting Age |
Amount To Invest Per Year |
|---|---|
|
22 |
$3,600 |
|
25 |
$4,600 |
|
30 |
$6,900 |
|
35 |
$10,700 |
That means if you start investing at age 25, you only need to invest $383 per month and you’ll hit your goal! That’s less than your annual IRA contribution!
A Decade-By-Decade Plan
Here’s the plan to make becoming a millionaire a reality. Follow this order of operations:
In Your 20s — Build the Habit
Capture every dollar of employer 401(k) match. It is a 100% return, immediately. Open a Roth IRA and pay the tax now while your bracket is low. Target a 15% savings rate. Stick to low-cost index funds. Avoid stock-picking.
In Your 30s — Push the Savings Rate
Income accelerates. So you need to increase your savings rate. Push toward 20% of gross income. Max the Roth IRA. Increase your 401(k) contribution percentage every time you get a raise — before the new money hits your checking account.
In Your 40s — Maximize Everything
This is the peak earning decade for most Americans. Max every tax-advantaged account. Open a taxable brokerage if you still have leftover savings. Keep investment fees low under 0.20% and your portfolio diversified across US stocks, international stocks, and bonds.
In Your 50s — Use Catch-Up Contributions
Catch-up contributions kick in at age 50. Use them. If you are behind, the SECURE 2.0 super catch-up for 401k contributions for ages 60-63 ($11,250 extra in 2026) is a strong tailwind. Start mapping a retirement income and Roth conversion plan.
In Your 60s — Protect What You Built
The goal shifts from accumulation to sequence-of-returns protection. Lock in two to three years of expenses in cash or short-term bonds so a downturn does not force you to sell at a loss. Roth conversions during low-income years can save six figures in lifetime taxes.
Plot Your Path: Millionaire Calculator
Plug in your current age, what you have saved, what you can add each month, and an expected return. The calculator projects the exact year you cross $1,000,000.
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Millionaire Calculator
See when your investments will cross $1,000,000 — and what it takes to get there sooner.
%
(default = $1M)
You’ll be a millionaire at age —.
Year —-
It takes about — years to reach $1,000,000 at a 8% return.
Total contributed: $0 · Growth from compounding: $0
| Age | Year | Contributed | Balance |
|---|
Assumes monthly contributions made at month-end, annual return compounded monthly, and no taxes or fees on contributions. Used for educational purposes only.
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Payoff Your Debt
First, you simply have to pay off your debt. You’ve got to get from a negative net worth to a positive net worth. The wrong kind of debt can hold you back from making progress on your financial goals. If you have any type of consumer debt you should make a plan to pay it back as soon as possible.
Once your debt is paid off you can then funnel that money toward your investments.
Here are some great resources on paying off debt:
- How to Ditch Student Loan Debt
- Snowball vs. Avalanche Debt Pay Off Methods
It’s important to note that most millionaires have debt. Debt itself isn’t a bad thing. When it’s used to grow your wealth, it can be a positive. However, when it’s used poorly (such as to simply buy stuff for your house), it can hurt you.
Review Your Investments To Identify Ways to Improve Them
As time goes by your investment strategy needs will change. Make it a habit to review your investments and look for ways to improve them.
Here are a few things you might want to review:
Start or Increase Your 401K Contribution
Maxing out your retirement account each and every year is one sure-fire way to enter retirement as a millionaire.
If you don’t already have a 401k open meet with the HR department at your workplace and have one set up. You should contribute as much as you can (up to the maximum contribution amounts) or at least enough to receive an employer match if applicable.
If you already have a 401k make a plan to increase your contributions as much as possible each year until you’re maxing it out.
What if your employer doesn’t offer a 401k?
No problem! You can still open a Roth IRA, Traditional IRA, or if you’re self-employed an SEP IRA. Not having an employer sponsored 401k is no excuse to skip investing for retirement. You should continually increase your contributions to these accounts as well.
Related: Best Order Of Operations To Save For Retirement
Rebalance Your Portfolio if Needed
While you may have started out with the perfect asset allocation it will change overtime as your assets increase or decrease in value.
Review your current portfolio to make sure that your investments are currently correctly weighted based on your strategy and risk tolerance. Make adjustments if needed. You should do this at least once a year to stay on target with your investment goals.
Check out our guide on how to rebalance your portfolio across multiple accounts.
Check For Fees
Investment fees can keep you from becoming a millionaire. They can seriously erode your ability to make a decent return investing.
Check out the free tool FeeX, which will analyze your portfolio and make recommendations about funds and ETFs that may be costing you too much in fees. Oh, and the best part? It’s free.
Invest in Yourself
All millionaires invest in themselves. While it is crucial for you to develop a smart retirement plan that includes a mixture of assets such as CDs, stocks, and bonds, it’s just as important to invest in yourself.
After all, YOU are your most valuable asset.
Review and Refresh Your Budget to Incorporate Ways to Spend Less and Save More
One of the quickest ways to immediately have more money to save and invest is to lower your expenses.
Review your budget and make cuts where appropriate. I would caution you to take budget cuts slowly so the habit will stick. If you try to make too many changes at once you’ll end up quitting too soon.
Here are some areas of your budget to look at:
Food – Saving money on food is by far one the easiest ways to cut your budget. You can do this by eliminating take-out, creating a menu plan, preparing meals ahead of time (freezer cooking,) and shopping sales.
Cell Phones – Cell Phones are another one of those guilty pleasures that people normally spend way too much on. The fact of the matter is you can get a pay as you go phone with same features as your contract smartphone for about a third of the price. There is a significant amount of savings to be gained just by switching out your phone.
Housing – Housing is one of the hardest budget cuts to make but it’s also one that can have the most impact. By downgrading your housing situation and saving hundreds to thousands of dollars per month you’ll be able to quickly accelerate your millionaire status.
Transportation – How much money do you spend on a car payment and insurance each year? If you’re not already financially stable, selling an expensive, gas guzzling, high insurance car and swapping it out for an older model that you can pay for upfront can save thousands of dollars per year.
Insurance – You can normally save money on car insurance every 2-3 years just by switching companies. Don’t be afraid to call your agent to get quotes from multiple insurance carriers.
Clothing – Thrift shops and consignment shops are great places to get clothes. There are even high end consignment shops online now making it extremely convenient to get nice, name brand clothes for a fraction of the retail price.
When cutting your expenses do the best you can do. We’re all in different situations so there’s no one-size-fits-all situation. Remember, we’ve put together a list of ways to save over $500 per month. It’s possible – I’ve done it.
Make a Plan to Earn More Money
While cutting your expenses is the quickest way to free up extra money in your budget it’s also a very limited route. If you really want to fast track your way to millionaire status you need to work on both sides of the equation. That means you need a plan to increase your earnings.
Here are a few ideas:
Ask for a Raise – This is a simple yet effective solution. If you’ve been with your company for at least a couple of years and have proven your value a pay raise might be in your future. Meet with your boss explain the value you provide and why you feel like you deserve a raise. The worst you’ll be told is no.
Switch Jobs – Another option is to switch jobs altogether. If you’re underpaid for your position and aren’t happy with your employer you can start looking at alternatives.
Offer Freelance Services – Everyone is knowledgeable in a certain area. Why not take that knowledge and offer it as a freelance service?
Start a Side Business – Starting a side business is personally my favorite way to increase income. Your options are limitless and you get to pick something you enjoy. Here are fifty side hustle ideas to get you started.
Review Your Financial Goals Often
Behind every good goal is a strong reason. Figure out why becoming a millionaire is so important to you.
Do you want to be financially free? Retire early? Or just have some peace of mind?
The reason behind your goal needs to be strong so that you see everything through. Make a practice of writing down your goals every day. This will help prevent you from backsliding.
Create Millionaire Habits
If you want to become a millionaire you need to create millionaire habits. This means living below your means, increasing your earnings, ridding yourself of debt, and most of all, making smart investments.
Start mapping out and working your millionaire plan while you’re young and you’ll be able to meet or exceed the millionaire mark down the line.
Frequently Asked Questions
How long does it take to become a millionaire?
Saving $1,000 per month at 8% returns gets there in about 25 years. Saving $500 per month takes roughly 33 years.
What if I am starting late?
Catch-up contributions, the SECURE 2.0 super catch-up for ages 60-63, and a higher savings rate can still produce a seven-figure outcome by 65 — even if you start in your late 40s or early 50s.
Should I pay off debt or invest first?
Always capture the 401(k) match first. Then attack any debt above 7-8% interest. Then resume aggressive investing.
Is $1 million still enough to retire on?
In 2026, $1 million at a 4% withdrawal rate produces $40,000 per year. That is useful, but not a full retirement for most households. Plan for $1.5 million to $2 million as a more realistic target.
What is the safest way to invest to become a millionaire?
Low-cost, broadly diversified index funds inside tax-advantaged accounts, held for 20+ years. It is not exciting. It works.
What tips and tricks do you have to become a millionaire at any age?
Editor: Clint Proctor
Reviewed by: Chris Muller
The post How To Become A Millionaire At Any Age (2026 Edition) appeared first on The College Investor.
