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US News: 10 Tips to Live Like You're Rich While Saving for Retirement

US News: 10 Tips to Live Like You're Rich While Saving for Retirement

(Dollar Photo Club)

By    |   Friday, 12 August 2016 11:31 AM


You can live life very comfortably without sacrificing a secure retirement.

US News recently offered 10 handy tips on how investors can prepare for their financial future without sacrificing creature comforts of the present day.

The sad fact is that many people compromise things they truly value, like spending time with the people they care about, out of fear they will come up short one day, Mark Ciucci, senior vice president of advice at United Capital, a financial advisory firm in Newport Beach, California, told US News.

"They work overtime instead of attending their kid's soccer game or, like most Americans, do not take full advantage of their eligible paid time off every year," he said. "They are living poor in spite of the fact that they may well end up dying rich."

The 10 tips:

  • Get comfortable with more equity risk. (perhaps a higher allocation in your portfolio to stocks)
  • Plan to work longer. (no law says you must retire at 65)
  • Diversify your tax exposure. (Google Roth IRA or Roth 401(k) accounts)
  • If you have debt, pay it off quickly. (Yes, that means your mortgage and credit card. And the midlife crisis sports car).
  • Decide how much you really want to leave your kids. (Is that wedding paid for? Are they financially secure already? Are the in-laws wealthy)
  • Create buckets of money. (Mae yourself a strict budget and stick to it).
  • Start saving for retirement early. (Start thinking about your golden years before that 40th or 50th birthday bash you’ll throw for yourself).
  • Make a mind shift. (The power of positive thinking really can lead to a positive cash flow, in your favor).
  • Make small changes. (Skip the designer coffee. Learn to cook and eat in more often. Stroll in the park instead of wasting money on a movie. Some of the best things in life really are free).
  • Take a hard look at your spending. (You, your wallet and your bank account need to have a long, hard talk and to look in the mirror).


But retirement planning itself has been found to take its toll on you.

Charles Schwab’s survey of 1,000 workers and 401(k) participants nationwide found that saving for retirement is the leading source of financial stress for people of all ages.

Schwab Retirement Plan Services Inc. said the vast majority think retirement should be a prominent issue in the upcoming presidential campaigns, though they’re pretty evenly split on which candidate will be better for their economic security.

“With so many competing obligations and priorities, it’s natural for people to worry about whether they’re saving enough for retirement,” said Steve Anderson, president, Schwab Retirement Plan Services, Inc. “Roughly nine out of ten respondents told us they are relying mostly on themselves to finance retirement. It’s encouraging to see people of all ages taking responsibility for their own future and making this a top priority,” he said.

(Newsmax wire services contributed to this report).

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You can live life very comfortably without sacrificing a secure retirement.
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Friday, 12 August 2016 11:31 AM
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