What if You Save a Million Dollars For Retirement? Will It Be Enough?

save a million dollars for retirement - age 55

Save a million dollars for retirement…it’s everyone’s dream, right? Man, if you had a million bucks in your retirement accounts at retirement, think of what you could do!

You could:

Take exotic vacations every month Go out to eat without ever thinking about the bill Buy lavish presents for all your friends and be the most beloved old people on the planet!

Well…maybe you could and maybe you couldn’t. It basically all depends on your age…

What If You Save a Million Dollars for Retirement? Will It Be Enough?

What do I mean, “It depends on your age?” What does age have to do with it? A million bucks in a million bucks, right?

Wrong.

Because of constant economic growth and the establishment of monetary policy (don’t know what monetary policy is? Here’s a link. It’ll solve your sleeping troubles too… ;)), citizens all around the world experience a . . . → Read More: What if You Save a Million Dollars For Retirement? Will It Be Enough?

Kid’s College or Retirement? What Should You Be Saving For??

college or retirement

College is expensive, and retirement seems so far away for many people. So for many families, guess what they do? Do they save for their children’s college of retirement? Often times…they choose to save for college. But is that the wisest choice? Should you save for college or retirement?

The Kid’s College or Retirement? What Should You Save For?

This post has been written by our talented staff writer, Kimberly Studdard.

First things first, when trying to decide on if you should save for college or retirement, you need to have the answer to two specific questions.

Do you have an age in mind for when you want to retire? Do you plan on paying for your child’s entire college education?

When deciding on whether you will pay for college or retirement, your lifestyle is going to be the main factor. Everyone’s life choices are different, so deciding up . . . → Read More: Kid’s College or Retirement? What Should You Be Saving For??

What is the Rule of 72? And How Will It Help You Become Wealthy??

what is the rule of 72

“Derek, I’m in trouble. I’m 50 years old and we’ve only got $300,000 saved for retirement. There’s no way we can survive on that! It’ll only last us 10 years before it’s all gone!!”

I’m approached with the terror above quite a bit. People have been saving their entire lives, they hit the magic age of 50 where everyone seems to freak out a bit, and they suddenly look at their retirement account with extreme apprehension.

So how do they typically respond? One of two ways:

They start investing much differently than they had before – in high-risk, high-reward stocks, or They keep their head down, stay the course, and just hope everything works out.

While I don’t love the “stick your head in the sand approach” of #2, it’s actually the option that I’d recommend (that is, if you’re invested appropriately for your age already).

The reason?

The Rule . . . → Read More: What is the Rule of 72? And How Will It Help You Become Wealthy??

The Key to Retiring in Your 50s

retiring in your 50s - plan

Most people will continue to work into their 60s (and sometimes beyond) because they have no idea when they can retire comfortably. But in today’s world it has become much easier for anybody to figure out if and when they can retire.

The Key to Retiring in Your 50s

The following is a guest post, written to make you think a little harder about your retirement. Do you have plans for retiring in your 50s??

I want to take a look at a couple that thinks they might be able to retire when they’re 59 years old. But they’re not sure, so their current plan is to keep working until they’re 65.

Can They Retire Early?

Our couple, John and Jane, are 52 years old today. Their savings total $475,000 and all of it is in IRAs. They have 75% of their money in stocks and 25% in bonds. I . . . → Read More: The Key to Retiring in Your 50s

Where is Your Money REALLY Invested? Do You Know?

where is your money really invested

If I asked you, “Where is your money really invested?”, what would your response be?

For 95% of the world, they’d probably say, “In my 401k…” and then they’d look at me like I was missing half my brain, because where else could their invested money possibly be?

First of all, there are plenty of other places to invest your money outside of your 401k, but that’s not even what I’m talking about. What I’m saying is “Within your 401k, what is your money actually invested in?” Most people have absolutely no idea, and it’s probably killing them and their future retirement plans.

Where Is Your Money Really Invested?

This post contains affiliate links, but it costs you nothing and I actually get paid a little bit for all the work I do around here! 😉

In finance speak, what we’re really asking is, “What is your asset allocation?”

In . . . → Read More: Where is Your Money REALLY Invested? Do You Know?

Tips for Maximizing Your Retirement Savings and Decreasing Taxes

retirement savings

Holding a job is never fun, but it should pay off at some point or another. After you’ve worked for twenty or thirty years, you should be able to retire and begin enjoying a work-free life. However, you must remember that a good retirement requires plenty of planning and many years of saving.

Maximize Your Savings and Decrease Taxes

By planning early and saving as much as possible, you’ll be able to rest assured knowing you’ll have plenty of money to travel the world, buy luxurious items and avoid returning to work in the future. Below, you will find tips for maximizing your retirement savings, while simultaneously decreasing your taxes.

Maxing Out Your 401k

The mass majority of American workers will have access to a 401k. This will typically be sponsored by your employer and they should be willing to match your contributions. Remember that you can allocate a large . . . → Read More: Tips for Maximizing Your Retirement Savings and Decreasing Taxes

Will You Have Enough Money to Retire? (Use This Free Tool to Find Out)

Will You Have Enough Money to Retire

“Will I have enough money to retire?….Or will I end up broke, surviving on dog food and spam?” I joke about it, but this is a serious worry for 99% of us today, and why shouldn’t it be? Socking money away for retirement isn’t easy, and it can get pretty complicated figuring out exactly how much our monthly contributions will grow into 40 years from now.

That’s why I created this simple tool, “The Retirement Calculator“.

Simply click the link and the calculator will download to your PC – you’ll see it in the lower left-hand corner of your screen once it downloads.

Will You Have Enough Money to Retire?

To figure out if your money will last through your entire retirement, you’ll have to answer just five simple questions:

How old are you? At what age do you want to retire? How much money is currently in your retirement . . . → Read More: Will You Have Enough Money to Retire? (Use This Free Tool to Find Out)

Retire Extremely Early – The 7 Keys

Are you one of those crazy people that aspire to retire extremely early? Like earlier than 50? Earlier than 40? Heck, maybe you even have the goal to retire by 30! It’s been done before, so why not you?

What would you like to do with your early retirement?

Maybe….

Travel the world Volunteer in your local community Lay on the beach all day Do….anything! 7 Keys to Retire Extremely Early

You might not know exactly what you want to do, but you DO KNOW that you don’t want to work in a cubicle from 8am-6pm for the rest of your life. So why not save up a pile of cash and enjoy life in retirement while you’re still young?

If you think this sounds like heaven, then let’s figure out what you’ll need to do to make it possible!

1) Get Out of Debt

If you’re trying to beef . . . → Read More: Retire Extremely Early – The 7 Keys

3 Major Investment Lessons I Learned In My 20’s

On my 20th birthday, I opened my first mutual fund. As a part-time night teller earning $8.25 per hour, I was so proud of myself. Things didn’t go quite as I’d planned them, however. Throughout the next decade, I learned many investment lessons from my own choices and actions – as well as others’.

I wish I could say all of the lessons were positive. But, mistakes are excellent teachers, too. Doggone it.

So, here are some things I learned. You may agree or disagree with this list. It’s likely your own list would look different. That’s alright. Once you’ve read through my list, I’d love to hear your thoughts in the comment section below.

3 Major Investment Lessons I Learned In My 20’s

First of all, should investing even be on your radar when you’re in your 20’s?

ABSOLUTELY. I may not have handled it perfectly, but I plan . . . → Read More: 3 Major Investment Lessons I Learned In My 20’s

How to Become a Billionaire Family

become a billionaire money

Wish you had a million dollars? How about a billion? That’s right! Billion with a “B”! Few dare to dream so lofty, but it’s absolutely possible. And actually, it’s pretty simple. It’ll just take a few years. Well, that may be an understatement, but let’s not get ahead of ourselves. Instead, let’s check out two very solid methods to become a billionaire family.

How to Become a Billionaire Family

The typical route to become a billionaire family is this:

Start your own company Grow wildly Go public with it (IPO) or sell it

But you know what? Not everyone’s an entrepreneur, and some people just aren’t cut out for working on the same project for 15 hours a day, 365 days a year.

So is there another way? Can the average person amass a fortune of billions of dollars? The answer, yes and no… Let me explain.

The Average Way . . . → Read More: How to Become a Billionaire Family