FundRobot » Mutual Funds » How can I ensure that I have a lot of money when I retire (don't give me idiotic answers)?

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Default ensure that i have a lot of money i retire (don't give me idiotic answers)

ensure that i have a lot of money i retire (don't give me idiotic answers). ensure that i have a lot of money i retire (don't give me idiotic answers)

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Default ensure that i have a lot of money i retire (don't give me idiotic answers)

If you begin at a young age putting 10-15% of every penny you earn into low-expense Growth Stock Mutual Funds (using two is easiest, one Domestic & one "International"), you are all but guaranteed to be a millionaire by the time you retire (probably many times over!)...

Reinvesting any & all dividends & distributions, (and doing so for at least 20-25 years) is the way to squeeze the most growth you can get out of your money...

As an example, if a person earning $15,000 a year at age 20 invests 10% into a Growth Fund earning an average of 9% for 40 years, even if they NEVER get a raise, they'll have $374,316...

Someone who earns THREE TIMES that salary and also invests 10%, but does not start until they are 40 will end up with only $219,188...

Time is your friend!
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Default ensure that i have a lot of money i retire (don't give me idiotic answers)

Save and invest all you can. Take advantage of the
401k and Roth IRA. A moderate risk portfolio made
up of stocks and bonds and mutual funds will get you
to where you want to be at retirement time.
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Default ensure that i have a lot of money i retire (don't give me idiotic answers)

You should start off with opening a Roth IRA. You can put a maximum of $5.500 a year (and they adjust it for inflation). That's about $458 a month. In most cases you get an average rate of return of 8% over the years. In 40 years, you could have over $1.5 million. And the best part is that you can withdraw any original contributions tax free at anytime and without penalty.When you turn 59 1/2, earnings can be withdrawn tax free, but there is an early withdrawal penalty unless you are using that money to pay for college or to buy a house.
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