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.
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