I would assume that people with $1M+ balances start contributing early in their career and keep contributing. I would also assume that most people don’t really start contributing in earnest until their peak earning years which is in their late 40’s or early 50’s. That is the impression I get from friends and associates..
Very few people manage to do this, but the value of early contributions is very high, because of the compounding done over time. The math is such that even small contributions in a person’s 20’s, have greater weight than those in their 30’s and 40’s.
But, it is never too late to start.
Getting to $1M+ is actually simple. Start before 25 and keep contributing the maximum possible for the next 40 years. That is the simplicity, but it is not easy. There will always be a something to spend that money on, and “next year” will be soon enough to replace it. But “next year” never comes.
The other trick is to learn to manage your own money. A professional money manager will do no better than a self educated amateur, and you don’t have to pay yourself a commission every year.