The number one thing you need to do if you want to retire comfortably, according to experts | New York Post
Planning wisely is crucial in your journey towards financial security during your golden years, and “The Ramsey Show” co-host Jade Warshaw has some valuable insights to share. During an interview with “The Big Money Show,” she emphasized the importance of surviving and thriving in your later years by taking control of your financial future.
Warshaw stressed the need for proactive planning, advocating for individuals to invest in their social security. Diversification in investments and utilizing retirement benefits play a pivotal role in ensuring financial stability during retirement. She recommended allocating 15% of your gross monthly income into retirement vehicles like 401(K)s and Roth IRAs, considering that Social Security alone might provide only 40% of your pre-retirement income, and its future is uncertain.
According to the Treasury’s annual trustees report, one alarming point to note is that Social Security benefits could potentially be reduced by 20% as early as 2034 if no changes are made to the system. With the median U.S. household reportedly falling $470,000 short of what they need to retire comfortably, it’s clear that many Americans are struggling to save for their future.
Warshaw’s advice doesn’t stop there; she suggests that those who reach the age of 62 should consider taking Social Security, even if they don’t need it immediately, and invest it wisely. This strategy can potentially yield a better rate of return than the meager 2% typically associated with Social Security………
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Rising Dough
How might a proactive approach to personal finance and investments impact the broader economy, and what role do individuals play in shaping the financial landscape for future generations?
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Individuals play the leading role in shaping the financial landscape for future generations that is exactly why financials are at an all time high. Having a more proactive approach to personal financials and investments are empowering yourself but investments can hinder others because for the younger and poorer generation it makes those things more out of reach more than it already is.