Retirement Planning: 20 y/o looking for $1,600,000?
I CANNOT STRESS THIS ENOUGH! Retirement Planning is super important!
Boundless Life Senior Foundation is not only dedicated to the elderly, but also to their caregivers. The best part about our mission statement is it gives us a chance to educate those who will potentially benefit from our foundation aswell.
Education on retirement is very important to us, and If you want to be rich and actually enjoy your golden years, We encourage you to keep up with our content, but also lead you to sources other then this site to better educate you.
If you are 20 years old, and if you find a way to save up $512 dollars a month until you are 65. with an average 7% yield on mutual funds, you can receive $1,600,000.00 by retirement and pay none of it to the government. the Golden rule is to "Save and No Touchy" Dipping into any of it will hurt your financial future alot.
In the video, they discuss the 12 x salary rule. Which means If you make less then $133,000 a year by 65 you are good to go. Now they are saying that 70 is the new 65. and I ultimately agree, because the body is constantly prolonging itself through medical advancements. Also why would you want to stop working all together?
Some people get part time jobs as a hobby, join volunteer organizations, or go on to serve a roles like being a grandparent, or working in different church ministry. If you use it, you will prolong not losing it!