The real answer to the question—"Who wants to be a millionaire?"—is: everyone. There’s been a lot of conversation in the personal finance space about ISA millionaires and how to achieve this by retirement. But is it as impossible as it feels? 

To have the best shot at becoming an ISA millionaire, we want to try and maximise the returns on our ISA pot each year. As we’re looking long-term towards retirement, a Stocks & Shares ISA is our best chance to do so. 

For the purposes of this blog, we will assume an average annual return of 8.67%.

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Capital at risk.  

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If we had the full £20,000 deposit each year

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Let’s take a look at the dream scenario. Currently you can deposit a maximum of £20,000 annually, into as many ISAs you like.

If we were in the fortunate position of being able to deposit this amount every year from the age of 21 into our Stocks & Shares ISA, we’d be an ISA millionaire by 42! 

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What are Chip’s members investing?

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For most of us, this is not going to be realistic. What if we invested like our super smart Chip investors did in 2024 and started from the same age?

Let’s take the average Chip investor’s starting deposit of £1421.64 in 2024, and say we topped this up with the average monthly deposit of £149.55. Starting from the same age of 21, we’d be a millionaire by the average UK retirement age of 66. 

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Don’t let the numbers scare you

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We’re only looking at two possible journeys to help you dream big. However, there are numerous ways you can hit your personal goals and make the numbers work for you. Maybe you have less time but more to contribute, or vice versa.  

Investing early is a great way to get ahead when looking to build wealth in a Stocks & Shares ISA. You’ll find the combination of tax-free returns and your compounding deposits will snowball over time.

Don’t exclude yourself from investing if you think you haven’t got enough time. There are a number of investing strategies you can adopt based on your risk profile and investment horizon, to help you get the best out of your money. 

Set targets and stay committed with regular contributions. Remember the average ISA millionaire is over retirement age, and they didn’t get there overnight. 

It takes years of steady contributions to achieve, and any returns on investment will vary across portfolios; so take these projections with a pinch of salt. 

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Get started with a Chip Stocks & Shares ISA

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Our Stocks & Shares ISA gives you access to a curated range of investment funds to suit you and your goals. You can invest in everything from the popular S&P 500 index to space innovation. Explore our full funds range in the Chip app.  

Chip allows you to effortlessly set up recurring deposits, which are then invested directly into the funds you've selected. This ensures your money is consistently working for you and you’ll continue to grow your portfolio. 

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Seccl Custody Limited is the ISA Manager for the Chip Stocks and Shares ISA. A monthly or annual ChipX membership required for certain funds selected within a Stocks and Shares ISA. Fund management charges apply. ISA limits apply. Invest £20k per tax year. ‍When investing, your capital is at risk. Chip does not provide tax or financial advice. Tax treatment depends on individual circumstances and may be subject to change in the future.