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The question is, how do they get there?
While high-net-worth individuals are often already poised to do this, almost anyone can do the same.
That said, here are thetop things the wealthy do to ensure a luxurious retirement.
Finding multiple sources of income active and passive is also part of it.
Miller added that they also often start additional side businesses that earn additional income.
This isnt always easy, but its generally worth it.
Miller said theyll often maximize their 401(k) plans with employer matching if possible or IRA contributions.
Those who own their own businesses will also contribute the maximum amount to their pensions.
Tax-advantaged accounts often have rules surrounding them, like maximum annual contributions or income limits.
For example, the annual limit for 401(k) plans is $23,000 in 2024.
The limit on IRAs is $7,000 $8,000 for those who are 50 or older.
This makes sense as those interest charges can be killer, and significant debt can drain anyones retirement funds.
Miller added that wealthy individuals tend to find ways to cut unnecessary expenses.
This includes both personal and business expenses.
Strategize With a Team
Its hard to do everything alone.
Working with a couple of financial professionals can make it easier to achieve long-term goals like a luxurious retirement.
The most important thing is starting to save and invest as early as possible, McEachron said.
He added that many wealthy people invest early on in the market throughETFs and index funds.
This gets them broad exposure and lets them take advantage of compounding returns over time.
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