Be Wealthy & Smart ENCORE: 7 Ways to Get $1 Million in Your Retirement Account
Learn how to maximize your investments so your 401(k) or retirement plan will accumulate $1 million.
About 150,000 people have a 401(k) of $1 million or more in 2017 and 152,000 IRA's have $1 million or more.
Here are the steps to take:
1. Start as soon as possible.
2. Invest the maximum or at least get the match.
401(k) & 403 (b) = $18,500
Roth IRA benefits phase out (you can't contribute) if you earn too much money.
IRA $5,500
3. If you're over age 50, add the catch up provision.
401(k) $18,500 + 6,000 = $24,500
IRA $5,500 + $1,000
4. Invest in stocks.
10% average annual return.
$3,000 per year for 35 years @10% = $978k
$8,000 per year for 25 years @ 10% = $952,000
$24,000 per year for 15 years @ 10% = $939,000
5. Don't use target funds.
6. Get comfortable with risk.
7. Stay the course.
PLEASE NOTE: There are new contribution limits for 2019. Contribution limits have been increased $500. Details in podcast #479.
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Drawing will occur January 1, 2019 and will be announced on the podcast.
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Be Wealthy & Smart,™ is a personal finance show with self-made millionaire Linda P. Jones, America's Wealth Mentor.™ Learn how to build wealth, make money, and have financial freedom. Introduction to principles of wealth building you won't hear about from your financial advisor. Learn how to get rich, the 6 Steps to Wealth, the Twin Pillars of Wealth Building™: Invest Like Billionaires™ and Create Your Luxury Brand™ Business.