The Average Age When People Become Millionaires

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iStock

If you start investing in a retirement plan early in your career, you don’t have to bring home an insanely high salary to become a millionaire—eventually. (Thank you, compound interest.) The average age when bank accounts reach the seven-figure mark is in a person’s late 50s, according to Business Insider and The New York Times.

The average age when women become millionaires is slightly lower than the average age for men, despite the persistent wage gap in the workforce. For women, the average age is 58.5 years old, while for men, the age is 59.3. Or at least that’s the case for people with Fidelity 401(k) retirement plans, according to the investment firm’s research. That means that millionaires are reaching that milestone several years before the usual retirement age of 66 to 67 years old.

Nevertheless, how much money you need to retire comfortably varies based on your current salary, your expenses, and the number of years you’ll be living off your nest egg. Many financial advisers say you should aim for $1 million or more, which will hopefully last you through a 30-year retirement.

Reaching that million-dollar mark may seem like a long shot, but Fidelity has found that more and more of its savings plan customers have become millionaires in recent years. One of the firm’s recent analyses found that 133,000 of its customers had $1 million or more in their accounts in 2017, compared to 89,000 in 2016. (The company oversees 401(k) accounts for around 15 million people, so that’s not exactly a huge portion of its customers, though.) Between 2005 and 2017, the number of women who had $1 million in their retirement accounts doubled.

Fidelity attributes this increase to people putting more money away for retirement than in past decades. On average, the firm’s customers making less than $150,000 a year become millionaires by saving around 22 to 25 percent of their salaries in retirement funds, including employer matches. That may seem like a lot if you aren’t making a six-figure salary, but keep in mind that the earlier you start saving, the more your money grows. Investing just a little money in your 20s is a more effective way to save for retirement than investing a lot of money in your 30s and 40s. So if you want to become a millionaire (and who doesn’t?), now would be a good time to start investing in that 401(k).

[h/t Time]

6 Protective Mask Bundles You Can Get On Sale

pinkomelet/iStock via Getty Images Plus
pinkomelet/iStock via Getty Images Plus

Daily life has changed immeasurably since the onset of COVID-19, and one of the ways people have had to adjust is by wearing protective masks out in public places, including in parks and supermarkets. These are an essential part of fighting the spread of the virus, and there are plenty of options for you depending on what you need, whether your situation calls for disposable masks to run quick errands or the more long-lasting KN95 model if you're going to work. Check out some options you can pick up on sale right now.

1. Cotton Face Masks; $20 for 4

Protective Masks with Patterns.
Triple7Deals

This four-pack of washable cotton face masks comes in tie-dye, kids patterns, and even a series of mustache patterns, so you can do your part to mask germs without also covering your personality.

Buy it: $20 for four (50 percent off)

2. CE- and FDA-Approved KN95 Mask; $50 for 10

A woman putting on a protective mask.
BetaFresh

You’ve likely heard about the N95 face mask and its important role in keeping frontline workers safe. Now, you can get a similar model for yourself. The KN95 has a dual particle layer, which can protect you from 99 percent of particles in the air and those around you from 70 percent of the particles you exhale. Nose clips and ear straps provide security and comfort, giving you some much-needed peace of mind.

Buy it: $50 for 10 (50 percent off)

3. Three-Ply Masks; $13 for 10

Woman wearing a three-ply protective mask.
XtremeTime

These three-ply, non-medical, non-woven face masks provide a moisture-proof layer against your face with strong filtering to keep you and everyone around you safe. The middle layer filters non-oily particles in the air and the outer layer works to block visible objects, like droplets.

Buy it: $13 for 10 (50 percent off)

4. Disposable masks; $44 for 50

A batch of disposable masks.
Odash, Inc.

If the thought of reusing the same mask from one outing to the next makes you feel uneasy, there’s a disposable option that doesn’t compromise quality; in fact, it uses the same three-layered and non-woven protection as other masks to keep you safe from airborne particles. Each mask in this pack of 50 can be worn safely for up to 10 hours. Once you're done, safely dispose of it and start your next outing with a new one.

Buy it: $44 for 50 (41 percent off)

5. Polyester Masks; $22 for 5

Polyester protective masks.
Triple7Deals

These masks are a blend of 95 percent polyester and 5 percent spandex, and they work to block particles from spreading in the air. And because they're easily compressed, they can travel with you in your bag or pocket, whether you're going to work or out to the store.

Buy it: $22 for five (56 percent off)

6. Mask Protector Cases; $15 for 3

Protective mask case.
Triple7Deals

You're going to need to have a stash of masks on hand for the foreseeable future, so it's a good idea to protect the ones you’ve got. This face mask protector case is waterproof and dust-proof to preserve your mask as long as possible.

Buy it: $15 for three (50 percent off)

At Mental Floss, we only write about the products we love and want to share with our readers, so all products are chosen independently by our editors. Mental Floss has affiliate relationships with certain retailers and may receive a percentage of any sale made from the links on this page. Prices and availability are accurate as of the time of publication.

The Best Way to Defer Your Credit Card Payments During the Coronavirus Shutdown, Explained

Credit card companies can offer financial assistance, but there can be drawbacks.
Credit card companies can offer financial assistance, but there can be drawbacks.
alexialex/iStock via Getty Images

A number of financial relief options are available to Americans who have been affected by the unprecedented health situation created by the spread of the coronavirus. Mortgage companies are offering forbearances; insurance companies have lowered premiums for cars that aren’t being driven. Credit card companies have also acknowledged that cardholders may have trouble keeping up with their bills. While many companies are eager to help with debt and interest, there are some things you should know before picking up the phone.

The good news: If you’re unable to make your minimum monthly payment in a given month, major card issuers like Chase, Capital One, and others are willing to grant a forbearance. That means you can skip the minimum due without being hit with a negative strike on your credit report for a missed payment.

A forbearance is no free ride. Interest will still accrue as normal, and the card issuer may consider the missed payment deferred, not waived. If you pay $50 monthly, for example, and are able to skip a May payment, make sure the card won't expect a $100 minimum in June to cover both months. Ask the company to define forbearance so you know what’s expected. Some may be willing to lower your minimum payment instead, which could be a better option for you.

While the skipped payment won’t impact your FICO credit score directly, be aware that it could still have consequences. Because many minimum payments mainly cover interest, your balance won’t remain the same—it will continue to grow. And because that interest is still adding up, your total amount owed is still going up relative to your available credit, which can affect your score.

If you have a sizable amount due, the National Foundation for Credit Counseling (NFCC) recommends looking into alternatives to forbearance, like using savings to pay down some high-interest cards, taking advantage of zero-interest balance transfer offers, or even taking out a personal loan with a lower interest rate.

If you have multiple credit card balances and the prospect of trying to get through to a human to discuss payment options seems daunting, the NFCC is offering their assistance. The agency can put you in touch with a credit counselor who can act on your behalf, obtaining forbearances or other relief from the card companies. Be advised, though, that card issuers may want to get your permission to deal with the counselors directly. The program is free and you can reach the NFCC via their website.

Be mindful that emergency relief is different from a debt management plan, which consolidates debt and can have a negative impact on your credit card accounts.

In many cases, the best thing to do is to pick up the phone and deal with the card issuer directly. Explain your situation and ask about what options they have. Some might waive payments. Others might offer to lower your interest rate. No two card issuers are alike, and it’s in your best interest to take the time to see what’s available.

[h/t lifehacker]