A report from United Income, an online investing company, states that one in every six retirees in the United States is a millionaire. As a matter of fact, over the last 30 years, the rate of retired millionaires has more than doubled, with fewer retirees relying on minimum wage and ending up in poverty than ever before.
It may seem to be a difficult goal to accomplish, but becoming a millionaire before you stop working is possible. You just have to take the right steps to help you enjoy seven-digit wealth upon retirement. AOG Wealth Management Inc, your investment management services provider in the local area, share these things you can do.
Save… a Lot
It is one of the simplest financial to-do’s you can make, but also one of the hardest to maintain. Many people don’t save enough money, while others don’t do it all. The right time to do this is now, or risk losing your chance of becoming a millionaire decades from now. To achieve a comfortable retirement, you need to save about 10 to 20 percent of your income.
Invest in A Diversified Portfolio
Investing in various asset classes, such as stocks, bonds, real estate, and private equity, can have a great impact on your potential savings for years to come. A diversified portfolio can even be a major source of income once you reach the age of retirement. Speak to our wealth management advisor to guide you throughout the process. You will be presented with various options and strategies that will help you reach this achievable goal.
Create an Emergency Fund
It is one of the best pieces of advice any financial pro would provide to anyone who is far away from retiring. Build one today to cover for sudden instances such as an illness, immediate motor vehicle repair, or a certain period of no income. Doing so prevents early withdrawals from an individual retirement account (IRA) and 401(k) plan.
AOG Wealth Management Inc. provides wealth management services, which include customized investment solutions to help our clients attain their individual financial goals. Call us today at (866) 993-0203 or fill out our contact form for your consultation. We serve Washington, DC, and surrounding areas.
Securities offered through TD Ameritrade Institutional Services located at 7801 Mesquite Bend Drive, Suite 112 Irving, TX 75063-6043. Investment advisory services offered through AOG Wealth Management, Inc. AOG Wealth Management, Inc. is neither an affiliate nor subsidiary of TD Ameritrade Institutional Services.