Wealthy retirees often diversify beyond traditional retirement accounts by building passive income streams. This might include dividends, rental income, royalties, or income from small businesses that continue to generate cash flow without constant involvement.

Where you put your savings has a huge impact on how much money you wind up with in retirement. It's no secret that you need a lot of money to retire comfortably. For many, retirement expenses can exceed $1 million. With regular contributions, it's possible to save that much, but many aren't sure where to start.