3 Money Moves To Make in Your 40s To Retire a Millionaire at Age 55, According to a Money Expert

Investment Strategies - The average 401(k) balance was reported at $146,400, indicating that relying solely on a 401(k) may not be sufficient for wealth accumulation [3] - Alternative investment options such as stock market funds, specifically the State Street SPDR S&P 500 ETF (SPY) and the Invesco QQQ Trust (QQQ), are recommended for different risk and return profiles [4] - Actively investing in individual company stocks can potentially yield higher returns, but requires thorough research into companies and industries [4] Tax Strategies - Taxes can significantly impact wealth accumulation, making it essential to find legal ways to minimize tax liabilities [5] - Real estate investment strategies, such as 1031 exchanges, can defer taxes on sold properties by reinvesting profits, but adherence to IRS rules is necessary [6] Income Growth - Relying solely on salary increases to achieve millionaire status is challenging, with a projected average salary increase of only 3.5% in 2026, which is marginally above the 2.4% inflation rate [7]