If you’re nearing retirement, you’re probably checking your accounts to see if you have enough money to keep you afloat during your senior years.
The numbers can be a hard reality check, but don’t beat yourself up if you feel ill-prepared for the days ahead. If you’re short of your retirement goals or think you’ll need more than you planned for, here are some strategies and tips that can help you boost your nest egg and get closer to the million-dollar mark.
It might not be impossible to retire a millionaire if you’re over 50, but it will take a lot of work. You’ll have to consider tucking away more money, extending your retirement timeline, and making use of all the accounts that can get you to the finish line. Be willing to work the numbers, and unravel your possibilities. If you’re ready to be consistent, create a master plan, and invest in your growth, your millionaire retirement goals can be within reach.
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Start with the numbers
Before you dive into your master plan, it’s important to calculate how much you’ll need, so you can strategically work toward your goal. Here are some numbers to start crunching:
- What’s the end goal? What number are you trying to hit? You may need more or less than a million to maintain your lifestyle.
- How old are you and how much time do you have to achieve your goal? If you delay your retirement date, you’ll give your investments more…
