by Kaaren Hall, CEO, uDirect IRA Services
Planning to retire?
If you are asking, “how do I retire?”, you are not alone. 20.7 million people are expected to reach retirement age in 2020.
According to this survey by the Transamerica Center for Retirement Studies, the median retirement savings by age in the U.S. is: Americans in their 20s: $16,000. Americans in their 30s: $45,000. Americans in their 40s: $63,000. It is not enough.
With a life expectancy in the United States of 78.54 years, the time to start saving is now. Given that on average we spend about $61,000 per year to live, you will need to plan today on how you will reach your goals. If you use that $61k number for annual expenses, you will need to save around $1,220,000 to sustain 20 years of retirement.
So how do I retire?
- Contribute the maximum to your retirement plan at work.
- Record your expenses. The first step to start saving money is to figure out how much you spend.
- Budget for savings.
- Find ways you can cut your spending.
- Decide on your priorities.
- Pick the right tools.
- Make saving automatic.
A self-directed IRA can help. With a SDIRA, you can take your retirement savings and invest them outside of Wall Street into asset classes you may not have thought of like performing and non-performing debt, private equity, precious metals, trust deeds and more. As a result you can build your investment portfolio to meet your needs.
Other Alternative Assets:
- Physical Real Estate. The most common alternative investment is investing in physical properties. …
- Real Estate Crowdfunding.
- Peer-to-Peer Lending.
- A friend’s online business.
- Tax Liens.
In conclusion, you can retire by acting today to work toward your goals. You can learn more from uDirect IRA Services’ free report HERE or call us at (866) 447-6598.
