Personal Finance

I'm 46 With a $1 Million 401(k). How Can I Get to $2 Million at a Normal Retirement Age?

Maurie Backman

Published: February 1, 2025 6:52 am

A lot of people reach their mid-40s with little money saved for retirement. So if you’re that age and already have $1 million saved, you’re ahead of the game in a very good way.

But let’s face it. A $1 million nest egg isn’t going to buy you a rich retirement. It may be enough to cover your bills without worry, but you’re probably not going to be living it up on $1 million in savings. So if you’re eager to double that sum by the time you actually retire, that’s understandable.

In this Reddit post, we have a 46-year-old who’s gotten to $1 million but isn’t done saving yet. However, if their nest egg doubles in time for retirement, their senior years could be pretty comfortable.

The good news is that this goal is totally doable. But there are tricks this person, and anyone else in a similar boat, can employ to increase the chances of success.

Keep funding that retirement plan to the max

If you’re in your mid-40s with $1 million in retirement savings and you’re hoping to end up with $2 million at a traditional retirement age, here’s some good news. You could probably sit back and do nothing for the next two decades, and as long as you don’t touch your existing savings, it’ll likely more than double provided your portfolio is loaded with stocks or broad market index funds.

So instead of worrying about how to get to $2 million at a normal retirement age, in this situation, you should really be asking yourself how high your savings can go. If you keep funding your savings and investing wisely, you might end up with four times the amount of savings you have today — or even more.

Of course, this depends on your definition of a normal retirement age. If, in your mind, that’s 55, you’re in a different situation than if you consider 65-67 a good age to retire. So that’s something you’ll need to think about.

But either way, if you can afford to keep maxing out an IRA or 401(k), do it. You won’t just get to build more savings for the future — you’ll also get to shield some of your income from taxes.

And remember, at age 50, IRAs and 401(k)s give you a chance to make catch-up contributions. Even if you’re already in a solid place, it never hurts to take advantage of those catch-ups.

Work with a financial advisor to meet your goals

A $2 million nest egg by your mid-60s is more than doable if you’ve got $1 million by your mid-40s. Even if you don’t manage to contribute another dime to your savings, as long as you leave that money alone for a good number of years, it should continue to grow.

But while you may be in a good place, it’s smart to consult a financial advisor to make a plan for meeting your long-term savings goals. An advisor can review your portfolio to make sure it’s generating the growth you want it to. And they can also help you come up with a realistic savings target based on where you are today and when you’re looking to wrap up your career for good.