1 million in their 401(k)s. The target: To determine the secret to learning to be a retirement millionaire. Since it turns out, there is no big secret. You just have to start saving earlier, throw a whole bunch of money at your retirement accounts, and stay static in equities for a long time.

Fidelity VP Jeanne Thompson looked at the behavior greater than 5,500 Americans over the course of 12 years. 150,000, as she wished to focus on people who was simply able to buff up their pension accounts without having to be filthy rich to begin with. The largest factor was how much they added to savings: The 401(k) millionaires were deferring an average of 14 percent of their total salary. That was complimented by the average company contribution of 4.8 percent, for a complete of near to 20 percent cost savings rate. They started early, too.

1.2 million by their late-50s. But saving to the degree that Fidelity suggests will be problematic for your typical 25-year-old likely. Most 20-something won’t be in a position to spare 14 percent of their paychecks, nor are they to see such a generous company match likely. Still, young savers are advised to save at least as much as is necessary to consider full advantage of their company’s matching policy. 1 million number: It’s a nice, round quantity, but could it be an arbitrary total established as your pension goal?

• Hire Purchase
• Cash Flow Before Taxes
• Waste Reduction
• 4% (2016 est.)

120,000, a million is an excellent goal to keep up their normal quality lifestyle indeed. 1 million, but the rate of which you save. Putting 14 percent of your savings in your 401(k) might seem extremely ambitious, but come retirement you will be a millionaire — or at least, you’ll feel just like one.

For the best chance of keeping your lifestyle in retirement, try to contribute 15% of your salary, including any company match, to your 401(k) or other savings account throughout your career . Most people fall short of that standard. Saving 15% may seem like weight lifting at the fitness center for several hours.

Try it anyway, says Stuart Ritter, a financial planner and vice-president of T. Rowe Price Investment Services. But than dipping back to solitary digits rather, opt for 10% or 12%, he says. To discover the best chance of keeping your lifestyle in pension, try to contribute 15% of your salary, including any employer match, to your 401(k) or other checking account throughout your profession (see What’s Your Retirement Number?). Most people fall short of that benchmark.