Tony Robbins' Top 3 Tips That Will Save Retirees From Financial Disaster
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One group that might need an extra bit of help are retirees. Luckily, Robbins has a bounty of methods for making sure they do not run their finances into the ground. Here are Tony Robbins' top three tips that will save retirees from disaster.
Plan For Your Retirement Now
For some of us, retirement might be just around the corner. For others, it can feel like lightyears away. Don't miss out on that time, whatever it might be, to allow for your retirement savings to grow, which means starting as soon as you can.
To figure out the number you'll need to retire comfortably, Robbins recommends that you take it in several steps: calculate how much money it takes to maintain your current lifestyle, multiply that total amount by 20. It's important to be conservative with your numbers instead of overly optimistic. Once that figure has been estimated, it's time to start figuring out a retirement plan.
'The number you come up with may be massive — but don't be afraid to dream big,' advised Robbins. 'With the right mindset and relentless focus, you can go beyond 'How much do I need for retirement?' and start asking 'How much do I want for retirement?''
Consider This:
Build a Money Machine
How much someone saves for retirement will vary, as well as how they do it. But Robbins urges everyone to start building what he calls the 'money machine.'
This happens by 'harnessing the power of compounding to create an income stream for the rest of your lifetime. In other words, you must automate your savings in a tax efficient manner and utilize an investment strategy that will keep earning in any season,' according to Robbins.
Robbins highlights that one way to build the money machine is through compounding interest, which only can be truly utilized to its fullest with time. You can cultivate money in savings so that interest from these investments eventually generates enough income without needing to work a job.
'When you enter the second act of your life, you will have the freedom to work only if you want to,' Robbins said.
Coordinate Your Planning for Retirement and Taxes
'With traditional plans, you don't pay taxes on your contributions at the time they are made,' Robbins explained. 'Taxes are deferred until you begin withdrawing from your plan — and then you are taxed at the current tax rate for your income bracket.'
The plans that Robbins recommends retirees or those who are starting to think about retirement include traditional ones such as a 401(k), an IRA, and a Roth IRA. Knowing how much of your retirement plan will be going to taxes each year will help you plan accordingly versus getting a surprise tax bill.
'Don't be blindsided by the hit taxes can take against your nest egg,' warned Robbins. 'Protect your nest egg and protect your road to retirement. Ultimately, you're protecting your financial future — and nothing is more important than that.'
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This article originally appeared on GOBankingRates.com: Tony Robbins' Top 3 Tips That Will Save Retirees From Financial Disaster
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