Yes, you can save $1M for retirement with a $50K salary — Here’s how

Ask Americans why they don’t have money set aside for their future and many will answer that saving for retirement isn’t a priority for them. At least, that’s what 40 percent of respondents in a recent GOBankingRates’ survey said when asked why they didn’t have any retirement savings.

There could be plenty of reasons why saving for retirement isn’t key for them, but a big one might be that many people are prioritizing other expenses — especially if they need to stretch a small paycheck. The median household income in America is $59,039, according to the latest figures from the U.S. Census Bureau. That means half of all household incomes in the country are lower.

So, how do you manage to get by and save for retirement without a big paycheck?

If you earn $50,000 or less a year, click through to find out how to retire with $1 million: