SOFI - A Deep Dive Into Investing Strategies For A Rich Retirement

2024-04-02 03:42:59 ET

Summary

• Successful retirement planning starts many years prior, especially amidst high inflation and skyrocketing home prices.
• Reaching retirement with enough money saved up, to live comfortably is only a part of the equation.
• Each individual has different income needs in retirement, however, there are four common strategies how to ensure steady and safe income.
• Retirees should prioritize low management fees, avoid risky high-yield stocks and bonds, and consider the risk of running out of money in the face of increasing longevity.

Reaching retirement and having enough money invested or saved up to live comfortably, without having to worry, with the longevity ever increasing is a dream shared by many.

Successful retirement planning starts many years prior, the sooner the better and in many instances it is quite stressful, especially in the face of ever increasing inflation, skyrocketing home prices and family budgets shrinking.

While the money needed for retirement differs wildly from one individual to another, as most of us live in different geographical areas, a general rule of thumb of having at least $1,000,000 available at the age of 65 is a good place to start, alongside Social Security and paid-off home mortgage....

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