According a recent Washington Post article, Fidelity Investments had 200,000 participants in the 401(k) programs it managed who had over $1 million saved up at the end of this year’s third quarter. That’s a 4,000 participant increase from the just the previous quarter. These numbers are quite inspirational as they show that it’s far from impossible to save a million dollars for retirement, which seems to be the magic number for the dream retirement these days. However, those retirement accounts didn’t reach seven figures overnight. No, it took years of diligent saving and smart investing. You too can strive to reach that number. With some good investments and maxing out your contributions, you can put yourself on the right track. When it comes to investing, though, you need to make sure that you understand your appetite for risk so as to not jeopardize your savings. Risk can do a number to your account, especially if you don’t know when to minimize it and protect your portfolio. After all, if you’ve saved a million dollars, wouldn’t you want to protect it and ensure it lasts through your retirement. Now, some of you reading this may be nowhere near saving $1,000,000 in their 401(k) and may fear they will never reach that number. That’s ok. The vast majority of retirees will never get anywhere near the $1 million mark, but that doesn’t mean you can’t take steps as though you are aiming for it. For example, just because you weren’t maxing out your 401(k) contributions doesn’t mean you can’t start now. Or, just because you didn’t invest your 401(k) in the stock market doesn’t mean you can’t start now. Again, you don’t have to stash away seven figures in your 401(k) to save as though you are. If you need help with saving for retirement, you should speak with a certified financial planner or wealth manager.