Kevin O’Leary: Contribute This Much To Your 401(k) To Retire a Millionaire

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• Kevin O'Leary: Contribute This Much To Your 401(k) To Retire a Millionaire</p>

<p>Gabrielle OlyaSeptember 3, 2025 at 3:03 AM</p>

<p>Patrick Lewis/Starpix for The Paley Center / Shutterstock.com</p>

<p>It is possible to retire a millionaire on an average income, but it requires discipline. While appearing on an episode of "Good Morning America," a while back, "Shark Tank" star Kevin O'Leary answered a question about how much to dedicate to retirement savings.</p>

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<p>A woman named Twyla from New York asked, "What percentage of my salary should I invest in a 401(k)? I'm not sure if I can comfortably hit the recommended amount with my other living expenses." Here's what O'Leary advised.</p>

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<p>Contribute 15%, No Matter What</p>

<p>The "magic number" when it comes to retirement contributions is 15% of your income, O'Leary said. And while the woman posing the question said she wasn't sure she could contribute the recommended amount, O'Leary posited that she could if she prioritized it.</p>

<p>"The number is 15%, and yes, you can [contribute that amount] by [stopping] buying all that crap you don't need," he said. "You have to adjust your lifestyle to make sure you put 15% away."</p>

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<p>O'Leary's advice will make someone earning the average salary a millionaire by the time they retire.</p>

<p>"The average salary in America is $60,000," he said. "If you invest 15%, you'll end up with $1.5 million in the bank after a career, because it compounds with market returns of 6% to 8%. And you can do it with anything — all these apps you've got that are available out there, fintech apps, you could download and do this. You must invest 15% — minimum."</p>

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<p>This article originally appeared on GOBankingRates.com: Kevin O'Leary: Contribute This Much To Your 401(k) To Retire a Millionaire</p>

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Source: "AOL Money"

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