One out of six retired Americans is a millionaire right now, according to from the Fed Reserve Board and the Bureau of Labor Statistics. Could you retire as a millionaire?
However, the median wealth of retirees is only about $200,000. Clearly a few people with $1 million actually have a lot more, while most Americans have significantly less.
Meanwhile, people are living longer and health care costs are rising. Fidelity Investments calculates that a couple needs $280,000 just for health costs in retirement, on average.
No matter where you on the saving spectrum, you can do better. The following seven things can help more Americans retire as a millionaire.
Small-cap winners galoreThe big stock market winners share one common attribute: Near the beginning of the ascent of their shares, the companies offer revolutionary products or services, are market leaders in their respective industries, or both. Some big stock market winners that possessed the attributes outlined above are Netflix (NFLX), which we recommended to investors in October 2002; Intuitive Surgical (ISRG), which we bought and recommended in July 2004; Baidu.com (BIDU), which we bought and recommended in August 2006; and MercadoLibre (MELI), which we recommended to investors in October 2010. Get up-to-date small-cap stock picks from David Frazier, editor of Small-Cap Profit Confidential.
Smarter cryptocurrency investmentsThe stock market crash of 2008 was the catalyst for his journey into alternatives. And interestingly, it was the impetus behind the creation of Bitcoin and the blockchain technology behind it. Keene Little wasn’t ready to risk his money yet but he was very curious, so he began charting Bitcoin’s technical patterns. What finally convinced him to dip a toe into digital currencies was seeing that they followed familiar price patterns that could be analyzed and successfully acted on. Now he shares those insights with subscribers to the Crypto Wealth Protocol.