William Schantz of Mid Atlantic Financial LLC says that 401(k)s are often lauded as one of the best ways to save for retirement. And it’s true that they can be a great tool for building up your nest egg. But can you actually retire as a millionaire using only a 401(k)?
The short answer is yes, it is possible to retire as a millionaire using only a 401(k). However, it will require some careful planning and disciplined saving.
If you want to retire as a millionaire using only a 401(k), you will need to start saving early and contribute as much as possible, maxing out your 401(k) contributions each year. For example, if you are age 50 or older, you can contribute up to $24,500 per year in 2020.
You will also need to invest your 401(k) funds in a diversified mix of stocks and bonds that has the potential to grow over time. While there are no guarantees in the stock market, over the long run, stocks have typically outperformed other investments, such as bonds.
Finally, you will need to make sure that you do not deplete your 401(k) funds before retirement. One way to help ensure this is to consider using a Roth 401(k).
While there is no one “right” way to retire as a millionaire, following these tips from William Schantz can help you increase your chances of achieving this goal.
If you’re not already maxing out your 401(k) contributions, now is a great time to start. Doing so will help you get on the path to retirement success.
How to Amass $1 Million?
Have you ever wondered how to amass $1 million for retirement? It’s not as difficult as you might think. William Schantz will show you how to get started.
There are a few things to keep in mind when saving for retirement. First, start saving early. The sooner you start saving, the more time your money has to grow. Second, invest your money wisely. Invest in a mix of stocks, bonds, and other assets that will give you the best chance for growth. And finally, don’t touch your retirement savings until you’re ready to retire.
With those things in mind, let’s look at some specific ways to amass $1 million for retirement.
1. Save regularly
The best way to save for retirement is to start early and save regularly. That means setting aside a fixed amount of money each month, no matter what’s happening in the markets. For example, if you plan to retire at age 65, you should aim to have $1 million saved by then.
2. Invest in a mix of assets
When it comes to investing for retirement, it’s important to diversify your portfolio. That means investing in a mix of stocks, bonds, and other assets. This will help you minimize risk and maximize returns.
3. Take advantage of employer-sponsored retirement plans
If your employer offers a retirement plan, such as a 401(k), take advantage of it. Employer-sponsored retirement plans offer many benefits, including tax breaks and matching contributions from your employer.
4. Invest in real estate
Real estate can be a great way to build wealth for retirement. When you invest in real estate, you’re investing in a physical asset that has the potential to appreciate over time. Plus, you can use your real estate investment to generate income in retirement through things like renting or Airbnb.
5. Consider alternative investments
There are a variety of alternative investments that can be used to fund retirement. These include things like hedge funds, private equity, and venture capital. While these investments can be more risky, they also have the potential for higher returns.
No matter what strategy you choose, the most important thing is to start saving now. The sooner you start, the more time your money has to grow. And the more time your money has to grow, the closer you’ll be to amassing $1 million for retirement. So what are you waiting for? Get started today!