As part of Yahoo Finance’s Investing 101: 5 Rules to Build Wealth special, Decoding Retirement podcast host Robert Powell joins Brad Smith to discuss the...
to discuss the third rule: building your retirement nest egg with actionable tips and how to do so through every career stage .
Another factor is to maximize saving toward retirement is to “think about trying to hit the 15% mark” for savings. Powell also says mid-career professionals should create an investment policy statement to get a sense of your investment timeline and goals as well as your risk tolerance and then rebalance accordingly.
We're going back to the 101 here on Yahoo Finance with our theme week, investing 1015 rules to build wealth.We have an expert here to give you some of the actionable tips for building your retirement fund at each stage of your career.So let's, let's start with early in your career.So I think rule number one is to pay down your debt, whether it's student debt or your credit card debt, especially your credit card debt.
Think also too about if you have a Roth 401k option, maybe consider using that if you have a health savings account at work.If you have a spouse who doesn't have an employer sponsored plan, maybe a spousal ira And then lastly, if you're a gig worker, think about setting up maybe a uh solo 401k or a SE P Ira to help you save for retirement because you don't have a retirement plan.
As Anne Lester said in that, you know, as your finances become more complicated, but for the moment, shoot for those targets and that will help you stay on track for retirement to make sure that you have a sufficient nest egg to pay for your expenses in retirement.I'm just kidding here.
Credit Card Debt Retirement Career Stage Brad Smith Young Professionals Mid-Career Professionals
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