Today, a million dollars doesn't mean what it used to mean, but it is still an impressive sum. The iconic TV series Hart to Hart (1979-1984) started every episode with the words "This is Jonathan Hart, a self-made millionaire…" Today, there are 5.3 million people who are millionaires in the US, about 2% of the population, according to The Motley Fool.
|Social Security is not enough
The company 401(k) plan along with the employer match can be a powerful wealth building tool. According to bankrate, the average Social Security benefit for retired workers is about $1,830. The maximum monthly benefit for 2023, based on the age you start collecting is $2,572 (age 62) to $4,555 (age 70). If your employees want to see their projected numbers, this calculator can help.
Although the Social Security numbers can look attractive, these payments are not sufficient to replace most of an employee's pre-retirement income. Wouldn't it be great to have a million dollars of your own money saved up by retirement? Is it even possible? Yes!
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Bryce Sanders
Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He trains financial professionals on how to identify prospects within the wealthiest 2%-5% of their market, where to meet and socialize with them, how to talk with wealthy people and develop personal relationships, and how to transform wealthy friends into clients. Bryce spent 14 years with a major financial services firm as a successful financial advisor, two years as a district sales manager and four years as a home office manager. He developed personal relationships within the HNW community through his past involvement as a Trustee of the James A. Michener Art Museum, Board of Associates for the Bucks County Chapter of the Fox Chase Cancer Center, Board of Trustees for Stevens Institute of Technology and as a church lector. Bryce has been published in American City Business Journals, Barrons, InsuranceNewsNet, BenefitsPro, The Register, MDRT Round the Table, MDRT Blog, accountingweb.com, Advisorpedia and Horsesmouth.com. In Canada, his articles have appeared in Wealth Professional. He is the author of the book “Captivating the Wealthy Investor.”
