The trick to becoming a 401(k) millionaire and retiring early: ‘Make your money work for you’

  • 📰 FoxBusiness
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 53%

United States Headlines News

United States Latest News,United States Headlines

Market analyst and CPA Dan Geltrude's tips for maximizing your 401(k) savings to become a millionaire includes capitalizing on employer matching and starting as early as possible.

A recent survey by Northwestern Mutual suggested it takes nearly $1.5 million to retire comfortably, leading many Americans to wonder if they'll ever be able to experience those "golden years" as they'd hoped. Market analyst and CPA Dan Geltrude says the best way to get there is to make your money work for you, and it starts with your 401.

There's no reason not to take advantage of that," Geltrude continued before diving into a discussion about diversifying investments. "Spread out that risk because, when you have all your eggs in one basket, what happens to that basket if things go a little bit south? And, of course, what are your goals? Are you looking for retirement savings? How about college? Buying a house…?" "Time is on your side when you're young.

Source: News Formal (newsformal.com)

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 458. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Here's how much money Americans in their 30s have in their 401(k)sAmericans in their 30s are around halfway to retirement age, but many don’t have much saved in their 401(k)s.
Source: NBCPhiladelphia - 🏆 569. / 51 Read more »

401(k) 'hardship' withdrawals surge to another record as high inflation stingsHardship withdrawals allow workers to tap their 401(k) for an 'immediate and heavy financial need'
Source: FoxBusiness - 🏆 458. / 53 Read more »

More Americans Are Treating Their 401(k)s Like Cash MachinesThe 401(k) is doing double duty as both a retirement account and a source of emergency funds for more Americans. A record share of 401(k) account h...
Source: AllSidesNow - 🏆 572. / 51 Read more »

Nolte: Record Number Plunder Their 401(k)s in Biden’s AmericaSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Source: BreitbartNews - 🏆 610. / 51 Read more »

How much money Americans in their 50s have in their 401(k)sRetirement is in view for Americans in their 50s. However, many have less saved than they may want. A retirement expert’s tips to get on track.
Source: NBCLA - 🏆 319. / 59 Read more »

401(k) hardship withdrawals increase as inflation stays highA record number of Americans are dipping into their retirement savings accounts for financial emergencies amid ongoing high inflation.
Source: FOX26Houston - 🏆 448. / 53 Read more »