I'm a financial advisor to high-income earners at Google, Salesforce, and Microsoft. Here's where I tell them to put their money to set themselves up for early retirement.

A 401(k) plan provides an amazing tax-advantaged opportunity for employees who want to save for retirement or — the ultimate dream — retire early. According to Fidelity Investments, an all-time high of 233,000 Americans had more than $1 million in their 401(k) accounts by the end of 2019. You may be wondering how they ended up with such huge balances.

The maximum amount you can contribute to a 401(k) plan in 2020 is $19,500 (plus an additional $6,500 for anyone 50 years or older). The median US household income in 2018 was $63,179, and the average savings rate over the past 10 years has been about 7.8%. For the average American family, reaching the 401(k) limit is an aspiration.

But what about the super savers who make more money?

Read the full article at Business Insider.