Save the Most Money Toward Your Retirement at 40 & 50!
“Let it go!” Hey Olaf, just because Anna and Elsa are over building snowmen and now want to build a retirement plan, doesn’t mean they’re leaving you out in the cold. These snow bunnies have hit middle age and they want to make sure they’ll have enough saved in their snowbank when it’s time to let someone else run the kingdom. It’s important that they start saving now; otherwise, they’ll have a royal headache to deal with in the next 20 years. So, dude, just chill, straighten out your carrot nose. We want to give y’all some magical tips to put them in the best position when they decide to retire. Here we come…“weeeeeee!”
- Hit your saving maximums – If a 40 year old saves $10,000 per year through their 401(k) until he/she is 67, their account will exceed $1 million. A 50 year old who saves $18,500, the maximum allowed per year should have a similar nest egg.
- Save independently – Have a money manager run investments for you. An account manager can invest your money in the best retirement products and monitor them to make sure they’re performing well.
- Maintain the right mix – Preserve a wide view of all of your holdings as you transfer assets. Don’t just focus on your IRA, take your 401(k) into account, along with other investment products.
- Make tough decisions about expenses – Find ways to invest your money, so your retirement savings plan won’t be compromised. Paying for a child’s college education could derail your retirement plan, so research funding alternatives to stay on track with your future savings.
- Invest in an IRA – Invest in an IRA to get the tax advantages that are allowed for retirement savings.
- Get into an employee sponsored plan – By participating in an employer sponsored plan when you’re at least age 50, you may be able to make contribution that will exceed what a 40-something year old is allowed to make.
Now, don’t fall apart, Olaf; your friendship with your girls is Frozen solid. Just understand that right now you need to help them avoid a snow global financial catastrophe in the future. By developing a stable retirement plan, their finances will never be on thin ice. #AchieveMore