This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

KANSAS CITY, Mo. -- Retirement expert, Steve Hoover from Wealth Partners Corporation is here with five tips to a successful retirement.

Steve says,

1. Start with the end in mind - determine how much income you are going to need at retirement. You now have a number that allows you to put together a savings plan.

2. Save consistently - save every month per your savings plan and have it automatically taken out of your paycheck.

3. Eliminate debt - put a plan together to eliminate all debt by the time you retire.

4. Utilize tax diversification - tax diversification is the utilization of tax free accounts - i.e. Roth IRAs ---Tax deferred accounts - regular IRAs/401ks - Tax friendly accounts - brokerage accounts that are subject capital gains taxes.

5. Use Asset Allocation and Rebalance - with asset allocation you will own all asset classes as no one knows what class is going to go up or down when. If they say they know, they are either lying to you or have inside information, which is illegal. Also, when you rebalance your account, you will sell high and buy low, which is how you grow your account.

For more on Steve and the tips... click here.

Another resource:  www.retirementpilotkc.com

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s