3 Answers: How to Save, Invest For Retirement
Question
How to save and invest for retirement. What’s the best thing you can do when saving for retirement?
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Retirement Investing
4 years
3 Answers
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Answers ( 3 )
Don’t lose principal and prepare for Long Term Care – just google the staggering stats. Depending on how you and healthy, an IUL (s&p index for ex with no downside risk and participate in the upswings of the market.
Saving alone won’t make you money, but it will allow for you to invest your saved money. When you have a decent amount, let’s say $10,000 and you have learned enough about stocks and trading in the market, buying in and then adding let’s say about $300 to your investment as well as compounding all the returns will result in a major amount of money in about 35 years.
That’s even if you average a ten percent growth over that period which is something that you should be able to do, over the long term average.
If you can also add additional amounts of your investment each year, like adding another $5000 into it each year then you are talking about millions and millions of dollars come retirement age.
And perhaps you get good at this buying and selling stocks, ETFs, REITs, dividend giving stocks, tech stocks for massive growth and capital gains, well you may just end up a very wealthy man.
To save for retirement first you should start as early as possible because by starting investing young and compounding your returns over time you can become very very wealthy by retirement age.