Retire
Retirement is the end goal. Here are my favorite hacks on how to game your retirement savings so you can retire to your biodynamic farm on St. Lucia with 12 poodles & 12 boyfriends.
FAQ
How much money do I need for retirement?
Use my FREE Retirement Calculator to find out YOUR number! The amount depends on your retirement goals. What’s your desired lifestyle, expected expenses, goal retirement age, etc. You should also account for medical expenses, which increase the older you get.
When should I start saving for retirement?
Literally right now! Compound interest works best when you give it TIME. So if you invest a small amount & let it grow over decades, it will amount to much more than if you invest a large amount but let it grow for a short period of time.
FOR EXAMPLE: A 25 year old who invests $100/month into a Roth IRA for 40 years will retire with 1 million at age 65 with a 12% return. But if they invest $100/ month starting at age 35, they’ll only have 300k with the same return rate. The lost time costs you 700k!
How can I estimate my retirement expenses?
Watch this video to learn exactly how!
What are the best strategies for investing my retirement savings?
First things first: Max out all your tax-advantaged accounts. 401k (plus match if it’s offered!), IRA (Roth or Traditional) and the holy grail… health savings account! (And make sure when you leave a job, you roll over your old 401k into an IRA…) Second of all: BE CONSISTENT! Even if you get laid off or your expenses increase, keep contributing. Automation is your best friend here.
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The Secret Way Rich People Invest For Retirement
Let me tell you a secret ONLY rich people know? Health Savings Accounts are low key the most tax-advantaged investment accounts out there. Yep- more than Roth IRAs & 401ks. Stop using the money inside on qualified medical expenses. Max out your HSA & invest it instead!
Here’s why they rock… you contribute pre-tax money, it grows tax-free & withdrawals are tax-free too during retirement AS LONG as you spend the money inside on qualified medical expenses. Which trust me- you will have- the average couple spends more than 300k on healthcare costs during retirement! You’re gonna be so happy when you’re 60 that you followed me 🤣
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