Retirement Income In 6 Easy Steps

The first step to generating retirement income is to get started investing and saving NOW

. That may sound basic, but it is the step most often missed by the average American.

Statistics show that we just don't get started. We put it off thinking that "Some Day" we will get after it. But when it comes to investing for retirement, there is no better time than NOW to get started!

The time value of money is an amazing thing. You have no doubt seen the example of someone who deposits $2,000 into a retirement account at age 18 (and never makes another contribution), compared to someone who waits until they are in their 30's or 40's. The amount they would to contribute to catch up is staggering!

If you use the power of my favorite retirement vehicle, the Roth IRA, you can have tax-free income for the rest of your life. But you have to start somewhere.

So here are the steps to securing your retirement:

Step 1: Get Started Today!

Step 2: Get Started early!

Step 3: Get Started Young (and if you are already old, this is as young as you're going to get - so start).

Step 4: Keep Investing & Saving

Step 5: Invest More

Step 6: Repeat

You will learn as you go along. If all you feel comfortable with is something boring like CDs or annuities (some of these can actually be exciting now), get started. You can always roll into something more fancy later, but get the clock ticking NOW!

One thing you may consider is part-time work online, or better yet, a business of your own. As a business owner you can sock more money away for retirement than an employee can. Again,

I prefer the ROTH to other vehicles. With a ROTH 401k (as opposed to an IRA or traditional 401k) you can contribute thousands more per year. With the ROTH, you will be able to pull the money out tax-free after you have had it for five years and reach the age requirements.

Many financial advisors will warn you to stay away from the ROTH simply because you can't deduct the contributions. However, if you are going to be active with it, the ROTH Shines over other retirement vehicles! You can even do real estate transactions inside the Roth. Imagine having investments and real estate buyers paying money into your tax-free account for YEARS before you retire. It can be that simple.

Never underestimate the time value of money. Also, the step most folks miss, and that is getting started. Start now!

by: Doug West

POST COMMENT

Museums Help Cultivate Ourselves Precisely What Are Typical Types Of Rub Advising? Solopreneurs - There Are No Cinderella Stories! A Great Way To Communicate A Message Instructor Manufacturing Plant Wall Plug On The Net They May Be Genuinely Starting Off Provide Their Income Tax Bracket Making You Dizzy Best Gift Ideas For Dad Recommendation Reproduction Louis Vuitton Jewellery Gift Items Is Via A Number Of Years Negligent Episiotomy Repairs The Hard Choice Of Entering The Abortion Clinic Rorix Bladewing - Cheap Dragon To Sneak Out As Well As Being Able To Be Hardcast How To Save On Your Electric Utility Bill Restoring Your Property Through Fire Damage Charlotte