Want to Retire Early? Here's How (or How to Decide If It's For You), According to Suze Orman and Ramit Sethi
“Only some people take advantage of their company’s 401 match,” Sethi says. “If they offer a 401 match – you Retirement accounts, he says, not only often earn you more money than you would have otherwise thanks to your employer match, but they also “save you money” on taxes, he says.
“Over the course of your lifetime, investing through a retirement account can be worth over $100,000 more to you than not investing in a retirement account,” he says. .)“It gives you incredible tax advantages. Most people think it’s just to buy toothpaste or contact lenses. But you can actually invest your money in a Health Savings Account,” Sethi says. “A flex spending account, you have to use by the end of the year. HSA can grow.”As tough as it sounds, get rid of your credit card debt.
She also points out that some retirement and nursing homes facilities can cost around $10,000 per month. Plus, the older a person is, the more prescription medications they need. Also, if you fully retire – and aren’t working at another job – and don’t have any earned income, you can’t put pre-tax money into retirement accounts.
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