You Can Retire Rich
- Author Adam Heist
- Published April 19, 2007
- Word count 446
Claims that you can retire rich seem farfetched to some folks, especially those working what some perceive to be dead end, blue collar type jobs. Even then, these folks usually walk away with a pension that is quite good, almost good enough to help them maintain their current way of life upon retirement. Even if you do not make a lot of money, you can effectively retire rich if you start now and maintain the course. Read and we’ll explore some ways you can build and manage wealth now so that you can live as prince not a pauper upon retirement.
Fifty thousand a year doesn’t sound like a lot of money for many people, but it can be a sufficient amount of income if you live in areas where housing is much more reasonable and taxes are not all consuming. Areas of the USA that are particularly affordable include much of the Southeast and Midwest with many metropolitan areas in these areas featuring homes that still sell for about $100,000.
Wealth building is a long term strategy that must be followed over the years in order to not only create a comfortable retirement, but a lucrative one at that. This can include:
Fully funding your pension or 401(k) plan. With most companies now offering a 401(k) plan instead of the traditional retirement choice, every worker should not only be participating, but maximizing its benefits. If there is a company match involved, let’s say for every dollar you throw in your company contributes fifty cents, then you would be wise to maximize this match. Where else can you get a 50% return on your money? No where!
Getting an IRA. Even with a retirement plan in place, you can open up an IRA and contribute to that. If you are married, your spouse can contribute to his or her own account. Best of all, just like a 401(k) plan, your funds are not taxed until they are withdrawn. Conceivably, if you fully fund your pension and your IRA you can be put in a much cheaper tax bracket too. What a terrific wealth building advantage!
Your Home. Your home when it is paid off can be a significant part of your wealth upon retirement. In some areas of the country, home values have risen so fast that owners are sitting on a goldmine with their homes alone. Sell your home and retire in a less expensive area of the country and you’ve instantly created big wealth.
Together, all three options can create a rich retirement. Stay the course and you too can have a life outside of work that is rich and truly rewarding.
Adam Heist has written many great articles on loan. Bad Credit Secured Loan are playing a vital role these days. Visit our site now to find out why.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- 3 Great Passive Income Ideas for New Moms and Dads in 2024
- Avrex IO Redefines Real Estate Investment with Innovative Tokenized Ownership Approach
- Panama City's Real Estate Market: Top Neighborhoods for Investment
- Investing in a Condo or Villa in Pattaya, Thailand
- Tabania Group Rings in the New Year with a Powerhouse of Financial Services, Unveiling a Comprehensive Suite for the Digital Age
- To What Extent Has Economic Growth Improved Quality of Life?
- How to Manifest Wealth in Your Life
- Unlocking the Potential: Making Money Online with Your Phone”
- Blue economy of the world
- This Financial “FORMula” Will Help You Plan Around What Matters Most
- Losing a Parent: A Checklist and Timeline of the Financial Aspects to Address
- How to Avoid Lifestyle Creep: Try this 50/50 Rule for Saving & Spending
- (Money) Date Night: Why You Need One and 5 Topics to Discuss
- Private Placement Life Insurance (PPLI) in Offshore Trust More Useful Than Ever
- Indexed Insurance Policies Hedge against Inflation
- Should You Invest Abroad? A Complete Guide to Buying Investment Properties in Thailand
- What Are Your Retirement Planning Options?
- Daily Income Opportunity With U-Farm
- Building a Comfortable Retirement: Tips and Strategies for Investing in Your Future.
- Revocable Living Dynasty Trust (RLDT)
- Key Retirement & Estate Planning Tools
- Captive Insurance -- Details
- INDEXED UNIVERSAL LIFE INSURANCE (IUL) ADAPTS TO INFLATION AND HIGH INTEREST RATES
- GRANTOR ACCESS TO IRREVOCABLE TRUSTS -- EASE THE STRESS OF COMPLETED GIFTS
- CASH BALANCE PLUS PLAN
- Tax-Free Income Making More Sense in Global Financial Crisis
- Dynasty Trusts Guard Personal Autonomy in Hierarchic Society
- Captive Insurance Company, CIC -- Reduce Taxes and Build Wealth
- What is an RESP?
- Private Placement Life Insurance, PPLI