Look, I know retirement may seem like a long way away to many of you reading this.
It will be here before you know it and if you just plan a little now, you can be more than prepared for your retirement. On our YouTube channel we are constantly uploading videos full of investing tips and tricks, but today I want to offer you 4 ways to improve on your retirement plan.
1. Start now and max out! They say that the best time to invest was 10 years ago, and the next best time is right now. The point is that the earlier you start the easier you have it. Force yourself to get started if you haven’t already.
If you have already started then it’s imperative that you max out your contributions each and every year.
Currently the IRA and Roth IRA retirement plans allow you to contribute a max of $5,500 per year. If you are 50 or over you can go up to $6,500. This is really not that much money if you are late to start retirement investing so you really need to make sure you hit that max contribution every year.
2. Invest for YOUR goals, not what my industry tells you. Unfortunately my industry has a history of making money of people by selling them investments. They get commissions from mutual fund companies and insurance companies to sell you their investments. This might mean that an advisor may sell you a product just to make his paycheck and not because it’s in your best interest. Yes — this is a thing and it happens every day.
This drives me crazy which is why I set up JazzWealth.com to be a fiduciary.
This is just a fancy term that lets you know we NEVER get any kickbacks or commissions by selling you a product. In fact we never sell you anything but ourselves. This means that when we select investments for your retirement accounts its because its truly in your best interest…Not ours.
3. Learn about healthcare now. I know it’s boring and complicated, but it’s necessary. Healthcare for a healthy couple retiring this year at age 65 will cost them $275,000 in their retirement. You need to understand what your insurance covers and what you need to pay out of pocket. It may lead you to starting a health savings account where taxes taken out of your healthcare costs all together.
Take a few moments every now and then and learn something about healthcare. You won’t regret it.
4. Rent your investments in your IRA. Did you know that the biggest investors on the planet, like Warren Buffett let other investors “rent” their investments while they hold on to them? I use the analogy of the landlord renting a piece of property to a tenant in our videos on JazzWealth.com. We specialize in this investment approach at Jazz Wealth and it may be something you want to look into.
Visit our website when you can and if you have questions you can always contact us directly.
Look, retirement investing can be complicated and boring, but if you are reading this now then you just found your new retirement investing buddy.
Come find me at JazzWealth.com. I’ll help you along the way, without helping myself to your money.