Wednesday bits: How to retire as a multimillionaire

Social Security: When to Start Your Benefits

Because this income is so critical to the financial well-being of retirees, deciding when to start taking Social Security benefits could arguably be described as the most important financial decision a person makes during their lifetime. Enroll in Social Security too early and you could be stuck with a reduced payment for the remainder of your life. Wait too long and you may be forced to rely on your other channels of income, or simply be required to work longer, to make ends meet. (Fox Business)

The Best Ways to Avoid Boredom in Retirement

A fulfilling retirement, for the most part, has three ingredients: good health; a purpose, something that gives meaning to your days; and a good financial plan. Yes, “find your purpose” or “find your passion” might sound trite. But it’s true. It works. In recent years, Encore, the retirement report of The Wall Street Journal, has profiled retirees who have found purpose in dozens of areas. (WSJ)

Yes, You Can Still Retire If You Start After 40

Yes, it;s much harder for people to retire comfortably by starting to save for retirement in their 40s or later, but it can be done. It just takes greater diligence (i.e. saving more money). I you are in your 20s or 30s, you have time on your side. Save as much as you can regardless. If you are 40 or over, you might want to read this article. It lists several things that 40-somethings need to do to get their retirement plan in order. The earlier you start the more likely you can retire as a millionaire… or even a multimillionaire.(Forbes)

How to build a multimillion-dollar retirement fund

J.P. Morgan analysis shows how a hypothetical couple, the Lees, could effectively save both for retirement and college for their two children. They’re high earners — a combined salary of $137,000 at age 28 — so the paper puts their retirement needs between $4.8 million and $6.3 million. They’re also overachievers, with the goal of fully funding four years at a public college for both kids. The paper projects that will cost $48,000 a year for the older child and $53,000 per year for the younger one. The remarkable thing is that these goals are achievable — if they start putting 15 percent of their combined income into 401(k)s at age 22. (Oregon Live)

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