10 Ways To Become A Millionaire By Age 50 (or Later)


Start early

To achieve millionairehood early, start saving and investing early. Starting at age 30 gives 25 years to grow money versus only 15 years starting at 40.


Two top qualities

Starting a business later in life can have advantages such as more experience, financial stability, and a network to draw from.


Don’t Let Regret Rule Your Future

Don't let regret about the past stop you from taking action today. Start now with the things you wish you had done before.


Invest meaningful sums

We save and invest too late around 30. Large investments regularly may improve our wealth. That usually exceeds 10%. Most of us must catch up and actively develop our nest egg to retire comfortably.


Embrace what’s free

SCORE, a partner of the Small Business Administration, offers free business mentoring and education for entrepreneurs seeking experienced help.


It is Never Too Late to Build Wealth

Some retirees become millionaires. According to Fidelity Investments, women become millionaires at 58.5 and men at 59.3. Never give up.


Invest effectively

Invest wisely. In today's low interest rate climate, saving 50% of your income in a money market or CD for years won't increase quickly. Stocks outperform bonds, gold, etc.


Play Catch Up

Over-50s may save for retirement with IRS catch-up contributions.  You know IRAs and 401(k)s have savings limits. You may "catch up" after 50.


Consider individual stocks

Buy well-researched, rising companies. This takes time and skill but might be profitable and fun. Quarterly asset performance. Underperforming? Index funds.


Make the most of retirement accounts

401(k), IRA. Tax cuts Roth retirement distributions are tax-free, while pre-tax contributions lower taxable interest in IRAs and 401(k)s. Employer-matched 401(k)s are prevalent. Use grants.