How Making a Million Dollars By Retirement Is Possible For Atlanta Savers
Remember when having a million dollars meant you were filthy stinkin' rich? Now it just means you have enough to live modestly - though probably still comfortably - when you retire.
Being a millionaire has lost some of its allure. That's the bad news. The good news? It's still pretty sweet to have a million bucks to draw on in your retirement. And getting there is easier than ever before, say Atlanta bankruptcy attorneys. It just requires that we stop adding to our debt problem and instead start adding to our nest egg.
And the sooner you start, the better. Let's say you earn $55,000 a year and start saving 10 percent of your income - in other words, $5,500 a year or less than $500 a month - when you turn 30 years old. Assuming your employer matches $1,500 with your 401k and you manage to earn an average of 7 percent interest, you could reach a million by age 65. But what if you don't get saving until you're 40? It will take $14,000 a year - almost three times as much - to become a millionaire before you retire.
But just because you haven't been a dedicated saver in the past doesn't mean you can't have a financially secure future. Instead of focusing on what you can't do, focus on the things you can. So maybe you can't save 10 percent of your income - but can you start with 5 percent? Maybe you don't think you have anything left to cut - but can you save your five-dollar bills or sock away your loose change every month? Can you get rid of cable and lose your land line to hold onto a few extra bucks each billing cycle?
The idea is to find a saving plan that works for your lifestyle - and to stick to it. If you can afford to save more later down the road, that's great. And if you have to cut back on your savings to pay the bills when times get tough? That's ok temporarily, but keep putting away what you can knowing that eventually you'll be able to boost your contribution.
Of course, the fastest way to increase your income every month is also the most effective way to free yourself from debt - bankruptcy. If most of your money seems to be going to ever-growing bills, bankruptcy can provide a realistic way to get a grip on debt and save thousands in interest. The best part? Right now, filing for bankruptcy is just $300 with DebtStoppers. Learn more for absolutely no cost when you try a free personal debt analysis with an Atlanta bankruptcy attorney today.