Rachel Crews, personal finance expert and co-host of “The Ramsey Show,” talks about why Americans are retiring earlier than planned and how to save for a comfortable retirement. .
If you want to set yourself up for success in retirement, personal finance expert and “Ramsay Show” co-host Rachel Crews explains the key rules for becoming a millionaire. I will.
The expert joined FOX Business’s “Mornings with Maria” on Monday to offer advice on saving for retirement and how you can reap rewards and benefits from your work’s 401(k) plan. I explained how it could be done.
“What’s so great is that there are so many 401(k) programs out there that if your company is in the match, if you play in the match and put in another $7,000 a year, you can take advantage of a program like a Roth IRA. You can: a) It’s tax-advantaged, right?” Cruz pointed out. “So when you take it out, you don’t have to pay taxes on it.”
Experts reveal secrets to setting yourself up for retirement success
Cruz says the “number one rule for becoming a millionaire” is to put money into your company’s 401(k) early without touching it, and use a Roth IRA plan if your company has one. I agreed with host Maria Bartiromo, who suggested that this is the case. provide one.
A person puts money into a retirement savings bank. (St. Petersburg)
Stashing money away in a 401(k) plan is a strategy for the future that will ultimately pay off, says “The Ramsey Show”, which focuses on helping people manage their money. the co-host emphasized.
“This is a long-term mindset,” the personal finance expert said, noting concerns from younger generations and investors.
“I think the problem, especially for younger people, is what we’re talking about with Gen Z and some Millennials: Retirement feels so far away that we’re putting money into a black hole. Because I feel like, “I’m not going to see that, so I have to deal with it today.” ”
Empower Chief Investment Strategist Marta Norton joins Varney & Company to explain the importance and benefits of workplace retirement plans.
She explained that one of the “big messages” the Ramsay Solutions team shares is to give people confidence, eliminate debt, and develop a financial strategy.
“So one of our big messages is to get out of debt again,” Cruz continued. “And to be able to say, ‘Okay, we have an emergency fund with liquid cash and a three-year high-yield savings account.'” That’s six months’ worth of expenses. ”
In addition to being debt-free and having an emergency fund and a high-yield savings account, the “Ramsey Show” co-host also suggested putting “15% of your income into retirement.”
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Cruz said there are “many great options” for people to develop their financial strategies and become millionaires.
“It’s another thing to be able to go to the (human resources) department and talk to them and get them to be consistent,” she added. “And don’t withdraw your money when the market is down. People will panic and withdraw their money, which will harm them in the long run as well.”
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