Directed IRA Podcast
How much you should have in your 401k by age
Apr 3, 2024
Learn about setting financial goals, the 4% rule, and reaching a $2 million retirement fund goal. Discover how small business owners can maximize income. Understand the power of compounding interest and early savings for retirement.
08:53
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Quick takeaways
- Starting early and consistent contributions are crucial for reaching a two million dollar retirement fund by age 65.
- Utilizing the 4% rule and aiming for a 6% return on investments can help balance withdrawals and account growth in retirement.
Deep dives
The Importance of IRAs and 401Ks for Long-Term Wealth
Utilizing IRAs and 401Ks provides tax benefits over the years, allowing for financial growth without immediate tax payments. Employers contributing to 401Ks can significantly boost long-term wealth accumulation. The podcast emphasizes the target goal for retirement savings, setting two million dollars as a minimum to ensure a comfortable retirement.
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