Take These 5 Key Steps Today to Retire a Millionaire

Looking to retire comfortably? Take these steps now.

ADAM MCFADDEN | May 1, 2022 | Updated June 3, 2022

Take These 5 Key Steps Today to Retire a Millionaire

Looking to retire comfortably? Take these steps now.

ADAM MCFADDEN | May 1, 2022 | Updated June 3, 2022

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Retiring as a millionaire is the dream of many Americans, and while a million dollars isn’t what it used to be, that level of wealth would make retired life comfortable for many. The good news for you is that this goal is achievable, especially if you have plenty of time before retirement.

Retiring a millionaire is simple, but not easy. The key? Act right now.

1. Find the right expert for your situation

Sure, you can search for financial advice online, but it’s never going to be specific to your financial situation. The best option will always be an experienced professional who can look at your finances and advise you on what to do. But who has time to sift through thousands of advisor profiles?

WiserAdvisor does all that work for you, matching you to the best financial advisor for your specific situation so you get in an expert in the areas you need.

There’s no cost to you and no obligation to hire the advisor, so there’s not much to lose. Plus, WiserAdvisor screens advisors to make sure you’re only getting the best experts.

Find the best expert for free.

2. Work with a company that knows how to invest

The wealthy almost all have money managers, but you don’t have to bring in big bucks to work with a professional investment company. No matter what your income looks like, working with companies that understand how to invest will help you.

Vanguard’s Digital Advisor is professional money management at a low cost. They can help you invest your retirement savings so you can focus on other things.

Try it for the first 90 days with no advisory fees.¹

Take advantage of Vanguard’s time-testing methodology and experience the wealthy have trusted for years. With Digital Advisor’s practice of consistent rebalancing, you can rest easy knowing your investments are diversified and proportionally allocated – a must for any investment portfolio.

Maybe that’s why the wealthy use investment pros and why you should too.  Let Vanguard’s new online financial planner match an investment strategy to your retirement goals.

Start now.

3. Generate passive income and receive regular payments

One of the most common ways to generate passive income is to own rental property, but it usually requires a large upfront investment. Enter Arrived. Innovative and distinctive, Arrived is a unique investing opportunity that gives individuals access not to the stock market, but to the rental home market — a whole other, booming ballgame.

For an initial investment of as little as $100, you can participate in Arrived’s unique platform and purchase shares of pre-vetted rental properties, enabling you to become a bonafide real estate investor. All the work is done for you so that you can just sit back, relax and collect passive income. You’ll also benefit from property appreciation as the value of the home appreciates over time.

Most people start with a small investment to see how the first quarterly rental income payment looks and then invest more as they see the returns roll in. Who knows? Maybe you’ll make enough in the rental housing market to be able to pad your retirement income.

Click here to become a real estate investor for as little as $100.

4. Manage your money the modern way

There’s a lot to keep up with in life, especially when it comes to your finances. You have 401(k)s, checking accounts, savings accounts, investments, credit cards, and more. Add to that a spouse or partner with their own set of accounts and it’s enough to make your head spin.

Nothing provides peace of mind like being hyper-organized and having everything you need in one place. With a tool like Monarch Money, you can easily sync all of your accounts, collaborate and get a shared view with a partner, get personalized advice on how to build financial resilience and make progress toward goals. The first step to building wealth is knowing where you stand and creating a plan. Monarch makes this easy.

It’s like your very own financial advisor. Your partner or spouse can even receive their own login, giving everyone a shared view and plan without giving up direct access to each other’s accounts.

Sign up and start achieving your financial goals now.

5. Maximize your tax advantages to increase your net worth

There’s nothing worse than missing opportunities and if you’re not finding a way to maximize your tax advantages with your accounts, you’re missing an opportunity.

Playbook creates a financial plan specifically for you that optimizes your investments, tax advantages, and goals without charging assets-under-management fees. One of the most critical parts of this plan is maxing out tax-advantaged accounts, so Playbook finds eligible accounts and works them into your plan.

The time to act is now. Your tax advantages expire every year so if you miss a year, you’ll never get those dollars back.

See how a tax optimization could boost your net worth now.

Do you have savings tips for fellow retirees, or were you able to save money with these services? Email us at Money@GOBankingRates.com and share your story. We may even choose to highlight it in a future article. Nicole Spector and Adam McFadden contributed to the reporting for this article.

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¹The introductory waiver period for Vanguard Digital Advisor’s net advisory fee begins when the first account’s enrollment is complete and ends after the close of the first billing period (generally 90 days), which is specific to each client. If you enroll additional accounts at a later date, you can still take advantage of any remaining fee-waiver period. However, each additional account you enroll won’t trigger a unique fee-waiver period but will instead be commingled with your first enrolled account. If you unenroll before your fee-waiver period ends, you won’t owe an advisory fee. But if you choose to reenroll in Vanguard Digital Advisor during or after your fee-waiver period, you won’t be eligible for a second fee waiver. This fee-waiver offer may be modified or discontinued anytime at the sole discretion of Vanguard Advisers, Inc. Accounts in employer-sponsored retirement plans aren’t eligible for this fee waiver. All costs associated with fund expense ratios still apply at all times. The fee waiver promotion is available for Vanguard Brokerage Accounts only.

*41x based on FDIC monthly interest checking rate as of March 21, 2022. SoFi members with direct deposit can earn up to 1.25% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members without direct deposit will earn 0.70% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rate of 1.25% APY is current as of 04/05/2022. Additional information can be found at http:// www.sofi.com/legal/banking-rate-sheet