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