I'm a Financial Expert: 4 Strategic Ways To Build $1.2M in Retirement Savings

If you’re set on a million-dollar benchmark, you'd be smart to turn to the experts for strategic ways to build your retirement savings up.

To retire comfortably, Americans participating in a workplace retirement plan say they’ll need $1.2 million, according to Schroders’ 2026 U.S. Retirement Survey. However, 51% of those surveyed expect to have less than $500,000 saved by the time they retire, and 24% say they’ll have less than $250,000. Only 30% believe they will have $1 million before retiring.

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Here are four key moves the financial experts want you to make.

1. Decide How Much To Save

“The so-called sweet spot to set aside likely varies from person to person,” said Brianna Rodgers, director of investor education at Madison Trust Company. “For some, $1.2 million would be substantial, lasting decades.”

Echo Wang, founder of EpicBooks, a bookkeeping firm based in Toronto, and a trusted financial voice for small-business owners, recommends deciding how much you want to save first.

“Most people tend to save whatever remains from their spending. I would do the opposite,” Wang said. “First, decide how much money goes into investments, automate this process and figure out how to live off of what remains.”

And rather than asking how to accumulate $1.2 million, Terrance Amen, founder of Family Business Circle, said you should instead ask yourself how you can build a financial system that consistently turns income into long-term assets.

“When that system is in place, retirement savings become the natural outcome of disciplined financial habits rather than a distant financial target,” he said.

2. Increase Contributions

As your salary increases, Wang recommends increasing your investment contributions ahead of your lifestyle.

“In all likelihood, you won't feel too much month-to-month, but after 10 years, you will be contributing much more to your investments while managing your spending quite well,” she said.

Even just a 1% contribution rate increase could mean tens or hundreds of thousands of dollars more in retirement. This is because compound interest allows your investment earnings to generate their own earnings over time, accelerating your savings growth.

3. Use Proper Accounts

Once you’ve formed the habit of increasing your investment contributions as you earn more, Wang advises using proper accounts in proper sequence. This means building an emergency fund, contributing to your 401(k) until you receive the full match and contributing to a health savings account (HSA) if you’re eligible.

Wang also recommends choosing a Roth or traditional IRA based on your tax situation, and after that, return to and, if possible, max your 401(k). If you have savings leftover, put it into a taxable brokerage account. After that point, Amen advises bulwarking your emergency fund with a still-liquid instrument for less-urgent events.

“Building a separate source of accessible capital, sometimes called a 'family bank,' can help reduce that risk by providing funds for life's unexpected events without automatically disrupting a long-term investment strategy,” Amen said.

4. Build Reliable Income Streams

Rather than focusing on a single number, Amen suggests building reliable income streams and preserving purchasing power throughout retirement. Rodgers echoes this call for a diversified portfolio, with multiple cash flow channels to protect wealth over an extended period.

This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.

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