Came across an interesting comment on a public forum:
Once I hit 40 and saw retirement on the horizon in 25 years, I went into panic mode saving as much as possible into my retirement accounts. I’m currently 50. I guess it is better late than never but how I wished I had started my retirement accounts much sooner. These are my totals…
He goes on the disclose he has $225,000
What’s this worth in retirement?
About $4,500 a year in income, with no adjustment for inflation… BEFORE taxes.
If he chews through all his savings… maybe he can get about $9,000 per year… before taxes.
I dunno about you, but I’d like to have a LOT more than that when I’m 80 and can’t work anymore.
Even if he can double his savings (which will effectively double his income)… it’s still not THAT much…
This is why starting to save early is so important… BUT… it’s just as important to avoid losses at his age… because… if this person LOSES some of his stack right before retirement… his income is PERMANENTLY lowered.
Anyway, if you want to know how to shore up your retirement plan… me and my team might be able to help ya out (without touching your existing investments).
What about investment losses?
No way dood… homey don’t play that game…
All the plans I do are guaranteed against loss…
If you want more info about how they work, hop on to my ridiculous email list.