From Kiplinger · · 1m
Missouri Retiree Hits $1 Million at 52
A Missouri retiree built $1 million with modest state government salary.
In brief
A Missouri retiree built $1 million with modest state government salary. A 62-year-old Missouri retiree reached $1 million through consistent IRA contributions and low-cost investments. Originally reported by Kiplinger.
Quick answers
- Who is the retiree?
- A married 62-year-old retiree in Jefferson City, Missouri.
- What was his job?
- He retired from a state government job as a program manager.
- What was his salary?
- His salary range was $60,000 to $70,000.
- How did he build his wealth?
- He maximized annual IRA contributions and state employee deferred-compensation plan.
- What investments did he use?
- He invested all in low-cost equity mutual funds.
Who is the retiree?
A married 62-year-old retiree in Jefferson City, Missouri.
What was his job?
He retired from a state government job as a program manager.
What was his salary?
His salary range was $60,000 to $70,000.
How did he build his wealth?
He maximized annual IRA contributions and state employee deferred-compensation plan.
What investments did he use?
He invested all in low-cost equity mutual funds.
What was his return?
His annual return was about 9.5% over 30 years.
When did he hit $1 million?
He reached the million mark about 10 years ago.
What is he doing with the money?
He continues with same investments and takes occasional vacations.
What matters most
A 62-year-old Missouri retiree reached $1 million through consistent IRA contributions and low-cost investments.
