11th October 2018 1

This major milestone can be attained

It’s not a magic number, but when your 401(k) finally hits the $1 million mark, it certainly feels like a major milestone.

You’re not there, yet? Not even close? Well, consider the average cost of retirement is $738,400, according to Merrill Lynch’s 2017 Finances in Retirement study.

Many retirees need quite a bit more. Your own number will vary depending on your standard of living and lifetime income and savings, so it’s best to use a retirement calculator or meet with a financial advisor.

But for now, consider $1 million just because it’s a round number and a decent starting point. How can you get there? We turned to financial planners for their best tips.

Click through gallery to see what they said.