IRAHelp.com’s Founder Ed Slott joins The Final Round to to discuss the steps you can take to utilize tax laws to maximize your retirement and tax benefits.
Start saving/investing early in life and be consistent (save with every paycheck). Taking advantage of a matching 401k plan should be a no brainer. The power of compounding is lost on many people. Also maxing out contributions when possible, eliminating debt, avoiding risks with your nest egg, planning for multiple streams of income once retired (social security, pensions, dividends, part time work, etc.) and making catch up contributions once you reach 50 should all be part of everyone's plan. And work at staying healthy to reduce illness, injuries and medical costs. The site Retirement And Good Living provides information on all these issues as well as many other retirement topics and also has several retirement and health calculators.
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Sure thing. I'll get right on that... Just as soon as my student loans are paid off and we get out of our trade war against the entire world that is now starting to drive up prices on food, fuel, dry goods, and services. Maybe after the looming recession is over?
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These articles are ridiculous. Half the country lives paycheck to paycheck. We're pretty frugal but 4 accidents in 8 years (not at fault!) wiped us out and then the vehicles we had ended up with major problems to the tune of 12k. That's not even considering the three surgeries we had to have this decade and two broken bones on top of having genetic issues. The thing is, most of the people we know are in the same boat! My retirement plan is...to not live past 60. The last five generations of my family have died of heart attacks or cancer before then anyway. What's the point? SMDH
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They expect us to die before we reach our retirement age lol