Every dollar counts when you’re saving for your ideal lifestyle after leaving the workforce.
The wrong investment options cost you money. In fact, a simple mistake has the potential of costing you $200,000 or more in retirement savings. If you were advised to save at the start of your career, you’re safe. If you postponed contributing to a retirement plan, you’re well behind where you should be. It could cost you hundreds of thousands of dollars in investment income.
If you were to put away $381 a month from the age of 25 on, your lifetime contributions would amount to $182,880. By the time you reached 65 years of age, you could quickly retire with $1 million. This figure accounts for a seven percent rate of return annually.
The older you get, the more you need to contribute each month to get to that million-dollar mark. For example, at 40, you’d need to contribute $1,234 per month with a lifetime contribution of $370,200.
How to Make Up for Lost Time Financially
One of the ways to make up for the lost time is to invest more. By living on less now, you’ll be able to increase your retirement savings substantially. You also have the option of retiring later in life. If your health and lifestyle allow for it, postponing retirement gives you more time to amass a good-sized nest egg.
Another option is to make smarter investments with your retirement savings. Transferring them into a Gold IRA allows you to invest in gold or other precious metals which could potentially add to your profits quickly. It takes little time to do, and there are no penalties or fees involved with buying gold, silver, platinum or palladium
Why Precious Metals Make Sense as an Investment Option?
If you want to know why precious metals make the most sense as an investment option, think about the reputation they carry worldwide. Unlike paper currency, gold, silver, platinum, and palladium retains its value due to its scarcity. On-demand printing isn’t available with precious metal coins and bars.
You’re also able to profit without extra effort with precious metals. You don’t need to trade them or make them more attractive to buyers the way you do with stocks and real estate. Instead, you can store them until you’re ready to part with them, then sell them, pay the taxes required, and enjoy the money you have left.
Stop Losing Money on Poor Investment Options
You’ve got a lot to lose by investing in the stock market, real estate, and even fine art. Don’t let the economy or politics dictate how you’ll live your life after retirement. Red Rock Secured prevents you from making costly mistakes that negatively affect your lifestyle. By investing in gold, silver, platinum, and palladium, you’re able to protect your assets and even profit from them once you do decide to cash them in. You’ll be able to prevent many of the financial pitfalls other retired people make by putting too much of their money into one investment option for retirement savings.