The Road to a Comfy Retirement (and Maybe Even $1 Million)
Retiring a millionaire may not be on your immediate to-do list. But if you could—why not? Seeing six zeros in your bank account might seem like a far-fetched dream only a lottery ticket could make real. However, with proper planning, it’s surprisingly possible to retire with $1 million (or even more) by age 60.
While retirement is a ways down the road, the journey begins right when you start making money. Here are four tips to get you off to a fast start on the road to retirement—and maybe a million dollars.
Live Below Your Means
This doesn’t mean living on canned soup for 20 years. Rather, it’s more about managing your larger expenses like houses or cars. Long story short: spend less than you can.
Increase Your Income
Career growth is your best option for financing a comfortable retirement. However, consider side hustles and second jobs that you can designate specifically for savings.
Save Like You Mean It
As your income grows, keep spending flat and increase your savings. For example, if you receive a 3% raise, consider allocating 2% to your savings. These little moves will add up over time without harming the present.
Investing is Best Thing
First, maximize retirement accounts like your 401(k) and IRA to pile up pretax dollars and leverage employer-match programs. Second, identify investment opportunities for your surplus savings, and don’t hesitate to lean on a wealth management professional for advice.