Retiring comfortably. — never mind wealthy — may seem out of reach to many people, given current savings rates.
Don’t let those fears scare you. With a little advance planning and self-discipline, you can have a golden nest egg at retirement. Here is a step-by-step plan for getting there.
The formula for retiring rich actually starts with putting money in the bank. Social Security benefits alone won't be enough to make you live well during your golden years.
Thanks to the power of compounding interest, a little money saved now can go a long way at retirement time.
Maybe you’re 55 and think you’ve missed the window of opportunity to retire rich. Don’t wave the white flag just yet!
If someone tried to hand you $100, would you say no?
When investing your retirement money, use tax-sheltered accounts such as IRAs and 401(k) plans whenever possible.
You could put all your money in bonds and sleep well at night knowing you’ll probably never lose money. But with that approach, you’re not going to retire a millionaire either.
A smart risk may be investing in an emerging market fund. A dumb move may be pouring your life savings into a speculative currency.
When the stock market crashed amid the coronavirus pandemic, some people likely freaked out and sold their investments.
Work longer, or at least wait a few years to file for Social Security.
Finally, if you want to retire rich, you need to maximize your earnings. That means no more settling for a dead-end job that pays pennies.