Traditional methods have evolved over the last 50 years.
You have to build and have accumulated a pile of money before you retire. What was once solid advice on how to do that, doesn't work as well anymore. For example, the basic advice used to be, get a good job, stay with that company until you retire and they will take care of you with a good pension. The problem with that advice is, people change jobs frequently. Most employers discontinued pensions and replaced them with 401ks etc.
Another traditional piece of advice was to save a little money, buy a house, and pay it off as soon as you can. One problem with that advice is that people move from house to house frequently and you lose your tax deduction that way.
Here is a piece of traditional advice that worked and still works today:
Social Security is an important part of retirement for many people.
Many people plan, or hope, to receive about 30% of their current earnings in the form of a Social Security supplement to help them retire. That is a lot of faith to place in something that you have little control over.
The choices you make right now will determine how much money you have to live on every month after you retire.
Taxes will play an important role in your retirement.
Nobody knows for sure how much. What we do know is:
This means that somebody is going to have to pay these bills in the future. Usually it is the middle class that pays. The most common solution is to raise taxes. Raising taxes changes all the math. If that happens, the current wisdom of putting money into the wrong kind of 401k, IRA or any other type of Qualified Plan could backfire and become a better deal for the government than for you.
You do remember that you were only delaying the tax payments on your 401Ks & IRAs, don't you?
It takes legal experts and financial experts lots of time and money to figure out what is best for your situation.
I can compare that for you for free.
Is there a shortcut to retirement?
Great risk generally does not equal great reward! But obviously it could.
Why not do both?
My method involves using what has 'traditionally' worked with brand new products available today, safely! With extra money left over each month, use it to pursue the shortcut get rich quick ideas you have.
If you are close to retirement with little saved, you almost have to "get rich quick" or else face living on little money each month for the rest of your life. Don't dispair. I can still help you be in a better position at any age. But the sooner you talk with me, the more options you will have.
Because of the power of compound interest and the reality that your health could change, procrastination only makes things worse. So take action now.
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