How to Make a Million Dollars Last Forever

I saw this headline float across my Bloomberg Terminal late last week… There Are More 401(k) and IRA Millionaires Than Ever (Disclosure and digression: My “Terminal” is Bloomberg.com on my phone. I can thank my long wait at the DMV for my California REAL ID for this story.) Fidelity Investments—apparently happy to share its customer’s financial info anonymously—says it has more than 750,000 seven-figure 401(k) and IRA accounts. A chunk of money is great, especially when we can leave it untouched and let it grow. That was no doubt the “secret” of 99%+ of these retirement millionaires. They socked away money for decades and rode the market higher.… Read more