Learn how to maximize your investments so your 401(k) or retirement plan will accumulate $1 million.

About 150,000 people have a 401(k) of $1 million or more in 2017 and 152,000 IRA's have $1 million or more.

Here are the steps to take:

1. Start as soon as possible.

2. Invest the maximum or at least get the match.

401(k) & 403 (b) = $18,500

Roth IRA benefits phase out (you can't contribute) if you earn too much money.

IRA $5,500

3. If you're over age 50, add the catch up provision.

401(k) $18,500 + 6,000 = $24,500

IRA $5,500 + $1,000

4. Invest in stocks.

10% average annual return.

$3,000 per year for 35 years @10% = $978k

$8,000 per year for 25 years @ 10% = $952,000

$24,000 per year for 15 years @ 10% = $939,000

5. Don't use target funds.

6. Get comfortable with risk.

7. Stay the course.