8 Ways to Save $1 Million Dollars Before You Retire

Saving for your retirement is a given. But, how much money do you need to set aside to enjoy your golden years?

How do a million bucks sound?

That may not sound feasible, but it’s not as challenging as you think if you follow these eight strategies.

1. Start saving as soon as you can.

The younger you start saving, the less amount of money you’ll have to put aside each month. For example, if you start saving $405 per month at the age of 25, and are receiving an average annual return of 7 percent, you’ll make you a millionaire by age 65. If you wait until later in life to start your savings, you’ll have to devote more money each month to catch-up.

You can use Bloomberg’s handy 401(k) Savings Calculator to give you a better understanding of how much you’ll need to save to reach your retirement savings goals.

2. Live below your means.

Here’s one of the best pieces of financial advice I’ve ever come across. You can only save money two ways. Either make more money or spend less money. In most cases, it’s a whole lot easier to cut your spending and live a little more frugally.

 

Read more…

Credits: 
Source: https://www.entrepreneur.com

About the Author

stephen-kelley
How can you know what you should do if you don’t know what you can do? Author, radio personality, educator and financial planning pioneer Stephen Kelley shares his secrets to More Now, More Later™ retirement income planning. Most planners regard income planning as a “zero‐sum game,” a “Rob Peter to pay Paul” exercise. In these self‐serving, Wall Street‐dictated scenarios, people must limit the amount of income they receive to ensure they don’t run out of money in retirement. But there is an alternative to this “less now, more later,” or “more now, less later” mentality. Using state‐of‐the‐art income planning techniques, and his own trademarked “Last Things First™” planning process, Stephen Kelley blows the lid off the traditional Wall Street‐serving methods and brings retirement planning home to the individual retiree. In his books you will learn how to: - Unleash as much as 3 times the lifetime income using half the money with Kelley’s trademarked planning process, Last Things First™ - Ensure your Social Security benefits enhance, rather than impede, your plan. - Reduce, or even remove, taxes and fees from your retirement plan. - Maximize market returns while minimizing market risk. - Regain control of your pension so you not only get all the income you can, but so you can also leave it to your heirs. - Take control of the planning process so you can spend freely without worry. - Much, much more.

Be the first to comment on "8 Ways to Save $1 Million Dollars Before You Retire"

Leave a comment

Your email address will not be published.


*


%d bloggers like this: