My First $1 Million: Retired Insurance Adjustor, 63, Milwaukee

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Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it. This time, we hear from a 63-year-old retired woman in Milwaukee who worked in the health insurance industry as a benefit analyst and adjustor. She reports that she earned $50,000 to $65,000 a year, depending on how much overtime she put in. See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special IssuesProfit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.Profit and prosper with the best of expert advice - straight to your e-mail.Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.To hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis: I started putting money in my company's profit-sharing plan when I got my first job at 18. When the company switched to a 401(k), I continued contributing, starting at 3%, which my company matched $2 for every $1 I contributed (up to 3%).I increased my contributions through the years, and when my company closed after I worked there for 37 years, I had $600,000 in my 401(k).I worked at another job a few years and retired at 59.I'm now 63 with $1.4 million in a traditional IRA and a Roth IRA.I bought a house with my ex-husband in 1986 for $40,000 and bought him out of it five years later, when we divorced. That house is now worth over $300,000.I accomplished this while being a single mother of two daughters. Just living my life. I spent many years worried about not having enough money, so I have a hard time spending the money I have amassed.I do try to be generous with my family and friends, now that I feel more comfortable financially.I also plan on giving money to my children, to make up for the lean times while they were growing up.No. Maybe said a little "yippee" to myself.The security it gives you. As I stated earlier, I spent many years worried about not having enough money. Now I'm much less concerned.I also have a sense of pride for reaching that milestone. Who would have thought this single mother with only a high school education could one day have over $1 million? I'm still living my life the way I always did, just less frugally. I treat myself and others more than I did in the past.Very few people know. I told my dad, since he's the one who advised me to put money in my company's profit-sharing plan, when I started my first grown-up job.I wanted him to know that I heeded his advice, and it paid off.I'm not comfortable telling people. It would feel like I'm bragging.I retired at 59.I would have invested more in a Roth IRA and Roth 401(k).Keep investing and increase the contributions as your salary increases. Maybe be a little less frugal, knowing how much you would have at retirement. I read The Millionaire Next Door (by Thomas Stanley and William Danko) and said, "That will be me some day." I read some of Suze Orman's books and Dave Ramsey's books.After I retired, I started working with a financial adviser at Vanguard.My dad. As I stated earlier, he encouraged me to put money in my company's profit-sharing plan. As an 18-year-old left to my own devices, I would have just spent the money.I never would have realized that starting to put away money at such a young age and continuing for the next 40 years, I would have as much money as I have now. No specific plans, just enjoy my life and travel as my financial freedom allows.Start investing early, even if you think you can't afford to. Have the money taken out automatically. You'd be surprised how you don't miss the money if you don't see it.I haven't gotten around to it, but know I should. Currently, I just have PODs (payable-on-death) and beneficiaries on my accounts. But I do plan on getting powers of attorney and a revocable trust.Before you retired? It can be challenging not having a purpose in life. Retirement isn't just travel and freedom, you need to have things to fill the time that make you feel useful.When you first started saving? Pay yourself first. If you wait to see what's left to save, there won't be anything left.When you first started investing? I wish I knew more about diversification. When I first started investing, I just picked random funds without knowing why.When you first started working with a financial professional? What the real benefit would be to me.If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.As Senior Contributed Content Editor for the Adviser Intel channel on Kiplinger.com, Joyce edits articles from hundreds of financial experts about retirement planning strategies, including estate planning, taxes, personal finance, investing, charitable giving and more. She has more than 30 years of editing experience in business and features news, including 15 years in the Money section at USA Today.