8 Things You Can Do to Become a Millionaire in Retirement

Build an emergency savings fund

One of the most common pieces of financial advice – for people of any age or goal – is to create an emergency fund. Fellowes agrees.

He says that to retire as a millionaire, people should “build an emergency savings fund with enough money to sustain a car breakdown, illness, or three months of no income.”

Fellowes notes that having an emergency fund helps prevent early withdrawals from 401(k)s and IRAs which lead to tax penalties of as much as 10%.

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