Can you retire a millionaire? Never say never. According to this article and other financial experts, it is possible. (See David Bach's Automatic Millionaire. Great book about financial planning for retirement.)
It simply boils down to setting aside a little and starting early. It doesn't take a rocket scientist to realize you can be rich at retirement, or at least well off. It was Albert Einstein who said, "The most powerful force in the universe is compound interest." It's true.
Start saving early in your career, at least $10 or $20 from each paycheck into a 401K or IRA at work. Most employers will match your contribution to a degree. Take it up a notch each year. If you start out contributing 1 percent of your check, you won't miss the automatic pre-tax withdrawal.
Many people even opt to make a maximum withdrawal of 15 percent into their retirement funds. Why not? Contribute as much as you can afford. These contribution levels can usually be adjusted with some notice, so if you run into some sort of financial difficulty, you can lower the amount.
About Me
- Scott Helm
- Richmond, VA, United States
- I'm an Army brat and proud of it. My brothers and I were raised in khaki diapers and learned how to snap to attention and salute at a young age. (At ease!) My mother was a long-time volunteer with the Red Cross and American Cancer Society and instilled a sense of altruism in us. This forum is one of my methods to pay it forward. It's all about good karma.
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