Although the goal of saving $1 million for retirement seems a little farfetched, with some planning and good decisions, it can be a reality.
So here are five tips to help you get there:
Starting early is the key to growing a robust retirement savings. Compound interest ends up helping investors save much more over time. Starting early also gives investors more time and keeps the stress to a minimum when thinking about the future.
Instead of going with the flow, make a solid plan for retirement savings. It helps to avoid emotional investing, such as putting more money in when the market has been going up and selling when it goes down. This can actually be hurtful to investors. Sticking with a long-term plan and not focusing on short-term market fluctuations is the best way to reach your retirement goals.
Saving in a company plan is especially beneficial when the employer matches your contributions, which can help push you closer to your goal even faster. If a company plan isn’t an option, Mountain West IRA has a variety of self-directed IRA options for people looking to save for retirement.
Having retirement savings automatically deducted from paychecks takes the responsibility away from the investor. They don’t have to think about it or accidentally spend it.
Savings alone won’t help you get to $1 million. Most people invest in the stock market when saving for retirement, but there are other options. With a self-directed IRA account from Mountain west IRA, investors can explore other options such as real estate, notes, mortgages, and more.
Mountain West IRA does not offer clients investment, tax, financial, or legal advice. Individuals who believe they need advice should consult with the appropriate professional(s) licensed in that area.
Meet with our team to explore your personalized journey of building wealth through investing in real estate, promissory notes, precious metals, and other assets using your retirement fund.Schedule A Consultation