« | Main | »

Wealthy Retirement Made Simple

By plrprousers | June 2, 2009

So you want to retire a millionaire, but you’re not sure how you can make it happen (besides winning the lottery, of course)?  Despite popular belief, reaching your retirement age as a full-fledged millionaire can be quite simple – if you make your savings and investments work for you, that is! Read on for the best tips on how to retire a happy and healthy millionaire!

Step Up The Investing.  Now that employers have automatically enrolled their employees in retirement savings plans, saving up for the day when you give that retirement speech doesn’t involve much effort.  However, if you want to retire a bona fide millionaire, you’ll need to make smart investments outside of your 401(k) retirement fund.  Hire an investment advisor to help you make safe investments that will further cushion your nest egg – and propel it into the seven-figure range.

For your best bet, check out Roth IRAs or Roth 401(k)s; both are great additions to any investment portfolio and withdrawals are tax-free after the age of 59.

Check The Health Of Your Portfolio.  Don’t just cross your fingers and pray that your investment advisor will give you the thumbs up to retire; instead, go for yearly check-ups on your portfolio to make sure that your retirement savings are on track.  It’s best to catch your investments if they’re doing poorly and quickly fix them with the help of a financial planner.

Never Cash Out Your 401(k) Retirement Fund.  When you change jobs, it can be tempting to cash out your 401(k) retirement fund to pay off any toxic debts – however, if you want to retire with seven-figures sitting comfortably in your bank account, then you’ll need to roll over any old 401(k) funds into investment schemes offered by your new employer.  If you’re still interested in cashing out your 401(k), remember that you’ll be heavily taxed for doing so – in fact, you could end up losing up to 25% of your retirement savings.

Cut Excessive Expenses.  Even if you’re saving a little of each paycheck, you can still retire a millionaire – if you cut out excessive expenses.  Forget paying for your child’s college education (after all, that’s what student loans are made for) and running up those credit card debts.  Live within your means, and you’ll be able to afford a more luxurious lifestyle once you retire.

For more information on smart retirement planning, visit www.kenhimmler.com, the IRA and 401(k) experts!

 

 

Authored by Kenneth Himmler, Sr.

Tags:,,,,,,,,

Related posts

Topics: Finance | No Comments »

No Comments

You must be logged in to post a comment.