Youtube/Fox Business
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
Many Americans dream of becoming a millionaire, and most believe they’ll need to be one to retire comfortably. According to a survey from Natixis Investment Managers, Americans believe they need $1.49 million to retire comfortably (1).
Yet a 2025 report from the Transamerica Center for Retirement Studies found that only 62% of Americans in their 60s believe they’re stowing enough away (2).
Perhaps even more concerning, almost 50% of all Americans are not saving for retirement at all, according to Rachel Cruze, personal finance expert and co-host of The Ramsey Show (3).
While it may seem daunting, you don’t need to be a top executive, famous athlete or popular musician to make big bucks. The secret is much simpler — and perhaps more boring — than that, and failing to take advantage of this one money rule could impact your retirement greatly.
According to Fox Business host Maria Bartiromo, “The number one thing to do on your road for becoming a millionaire is very simple: join your company’s 401(k) plan. Put as much money in there as you can, early on, and make sure you do not touch it.”
Cruze recommends contributing to your 401(k) up to the match your company offers, if it offers one. Matching can add significant contributions to your retirement savings over time. For instance, in 2024, the median match for plans managed by Vanguard — according to their data from nearly 5 million participants across 1,400 plans — was 4.0% of annual income (4).
But you might be one of many Americans who don’t have access to a 401(k) through your employer. According to a recent study from AARP, around 56 million Americans work for employers that don’t offer any type of traditional retirement or pension plan.
Opening a self-directed retirement account like an individual retirement account (IRA) can help you in this case. The main benefit? You can grow your assets tax-free or defer paying tax until you retire.
Gold prices have surged roughly 60% in 2025 — far outpacing the S&P 500’s mid-teens gains this year (5, 6). Many investors see gold as a safe haven during rough economic times, making it a worthwhile consideration when planning your retirement nest egg.
One way to invest in gold that also provides significant tax advantages is with a gold IRA from Priority Gold.
Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those seeking to ensure their retirement funds are well-shielded against economic uncertainties.
When you make a qualifying purchase from Priority Gold, you’ll be eligible to receive up to $10,000 in free silver.
For many younger people, retirement seems a long way off — especially when they have more immediate needs for their money. But Cruze says you need to adopt a “long-term mindset.”
You can start putting 15% of your income into retirement, starting with a 401(k) if it’s available to you. She says it’s important to contribute to the plan consistently and avoid pulling any money out, even if the market is down.
After maxing out your 401(k) contributions, you can look for other ways to boost your wealth.
A great place to start is by investing spare change from everyday purchases through a micro-investing app like Acorns.
You can link your bank account or credit card, and Acorns will round up your everyday purchases to the nearest dollar and invest the excess into a smart investment portfolio.
For instance, if you make a $23.45 purchase at a restaurant, Acorns will round up the expense to $24 and automatically invest the 55-cent difference into a diversified portfolio of ETFs.
If you sign up now, you can get a $20 bonus investment from Acorns.
A key step to building a sound financial footing is to take inventory of your goals. For instance, if you want to retire by the time you’re 50, you need to plan your finances and investments accordingly.
Consulting a financial advisor can help you there.
With Advisor.com, you can connect with a vetted financial advisor best suited to your needs. The process is simple — enter some basic information about yourself and your finances, and Advisor.com will match you with a FINRA/SEC-certified advisor.
From there, you can set up a free, no-obligation consultation to further assess whether they’re the right fit for you.
Read more: Warren Buffett used 8 solid, repeatable money rules to turn $9,800 into a $150B fortune. Start using them today to get rich (and stay rich)
Waiting for the perfect entry point will likely cost you, according to research from Charles Schwab, and time out of the market could hurt your returns (7). To put this into perspective, research by Fidelity shows that if you invested $10,000 in the S&P 500 Index on Jan. 1, 1980, but missed the best five days in the following years, you’d have forfeited $411,258 of potential returns by Dec. 31, 2022 (8).
It’s a not-so-secret rule that starting early and regularly contributing to your 401(k) — and not touching the money until you retire — can start you on the journey to becoming a millionaire. And, like any journey, it all starts with taking the first step.
The S&P 500 index is often a good place to start. But if you want to beat the market, identifying key investment opportunities can be critical.
Run by a team of hedge fund managers, Moby can help you discover stocks before they deliver multi-bagger returns. The investment research platform’s stock picks have outperformed the S&P 500 index by an average of 11.95% over the last four years. And that’s on top of the S&P’s 10.13% annualized returns since its 1957 inception.
With Moby Premium, you can get access to the top three picks from the team of analysts every week. Sign up today and become a wiser investor within minutes.
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Natixis (1); Transamerica Center for Retirement Studies (2); Fox News (3; Vanguard (4); Gold Price (5); S&P Global (6); Charles Schwab (7); Fidelity (8)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.