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But what if you started out late in the game and would like toretirewealthy?
If your employer offers a match, thats essentially free money towards your retirement goal, he said.
He also recommended maxing out your IRA contributions.
Consistently maxing out these accounts can significantly accelerate your wealth accumulation.
A mix of 80% stocks and 20% bonds could be appropriate, adjusting as you near retirement.
Consider low-cost index funds or ETFs that track broad market indices, he added.
Create Additional Income Streams
Boosting your income is crucial when starting late.
Salahi suggested considering freelancing, consulting or starting a side business in your field of expertise.
Then, you should allocate all of that additional income directly to your retirement savings.
Implement Aggressive Cost-Cutting Measures
Scrutinize your budget and cut ruthlessly, Salahi said.
Every dollar saved is a dollar that can be invested for your future, he said.
This might seem drastic, but remember, youre making up for lost time, Salahi said.
This guaranteed return can significantly boost your retirement income.
This extra $480 per month can make a substantial difference over a20-30 year retirement.
A higher income means more money to invest.
He said online platforms like Coursera and edX offer affordable courses in high-demand fields.
A $500 investment in a professional certification could lead to a $5,000 annual salary increase.
Consider Real Estate Investments
Real estate can be a powerful wealth-building tool, Salahi said.
He suggested buying a multi-unit property, living in one unit and renting out the others.
This can provide both appreciation and rental income to boost your retirement savings.
Add inpotential rental income, and this could significantly contribute to your millionaire goal, he said.
Stay Informed and Adjust Regularly
Financial markets and regulations change.
Thats why Salahi recommended staying informed about investment strategies, tax laws and retirement planning techniques.
Regularly review and rebalance your portfolio to ensure it aligns with your goals and risk tolerance, he said.
Their expertise can be invaluable, especially when youre playing catch-up, he explained.
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