Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    Only $11.99/month after trial. Cancel anytime.

    Retirement Strategies For Millennials: A Simple and Practical Plan for Retiring Early
    Retirement Strategies For Millennials: A Simple and Practical Plan for Retiring Early
    Retirement Strategies For Millennials: A Simple and Practical Plan for Retiring Early
    Ebook59 pages26 minutes

    Retirement Strategies For Millennials: A Simple and Practical Plan for Retiring Early

    By Rekha Chidipothu

    ()

    Read preview

    About this ebook

    Are you a millennial just starting your career? 

     

    Do you wish to live the American dream? 

     

    Do you want financial freedom? 

     

    Are you one of the millions of Americans who desire to retire early? 

     

    If your answer is "yes," read this book for a simple and pr

    LanguageEnglish
    PublisherGrow Nest Egg
    Release dateSep 16, 2021
    ISBN9780578969725
    Retirement Strategies For Millennials: A Simple and Practical Plan for Retiring Early
    Author

    Rekha Chidipothu

    Rekha Chidipothu is passionate about helping individuals grow their nest egg to reach their personal financial goals, including retiring early, funding a college education, and owning a home. She founded the company Grow Nest Egg® with the mission of making financial planning affordable to everyone. She believes that anyone can grow their net worth and achieve financial independence with the right financial strategies regardless of income.She launched easy-to-use and affordable financial planning mobile apps in the Apple store. "Retirement Strategies For Millennials" is her first book. Her book motivates millennials to save early for retirement and let the compounding do the magic for retiring early.

    Related to Retirement Strategies For Millennials

    Related ebooks

    Personal Finance For You

    View More
    View More

    Related podcast episodes

    Related articles

    • Article

      4 Strategies to Cut Your Taxes in Retirement

      Oct 18, 2019

      Many people -- some with retirement plans already in place -- have no idea what their spending will look like in retirement. Why is this important? Because if you don't know how much you're planning to spend in retirement, you don't know how much in

      5 min read

    • Article

      Ready to Retire? Not Until You've Done These 3 Things

      Jan 24, 2020

      One of the biggest threats to your financial security isn't the markets, interest rates or even your job security. It's a lack of preparation, particularly for unexpected events, that usually leaves investors reeling when markets swoon. If you haven'

      4 min read

    • Article

      Retirement Savings For The Self-Employed

      Nov 27, 2019

      As traditional pensions have disappeared, many workers expect to rely heavily on a 401(k) as their primary source of income in retirement. But not everyone has access to an employer-sponsored plan. Roughly 30% of employers--most often small businesse

      4 min read

    • Article

      401(k), 403(b), TSP Contribution Limits Climb in 2020

      Dec 5, 2019

      There's good news for retirement savers as we head into 2020. Contribution limits for most types of accounts are going up next year, which means you can pump more money into your retirement savings. The higher limits apply to 401(k) and 403(b) accoun

      2 min read

    • Article

      Leveraging the Tax Code to Minimize Your Tax Liabilities

      Feb 24, 2022

      As we head toward March, one of most dreaded times of the year approaches: tax season. Right now is the time when you’re inundated with tax documents, including a W-2 from your employer, 1099s from your side gigs, 1099-MISC statements from your onlin

      4 min read

    • Article

      Avoid These 4 Mistakes That Often Derail Retirement Plans

      Jan 29, 2020

      It's not always a lack of savings that keeps us from enjoying retirement. No matter how much money is in the bank, there are common mistakes savers make that knock their retirement plans off track. Avoid these four mistakes so you don't sabotage your

      3 min read

    • Article

      Retiring in the Next 5 Years? Make These Five Decisions Now

      Aug 1, 2021

      In the five years preceding retirement, a person will make more important decisions about how to maximize their retirement than at any other time. Why? Because these decisions are not easily altered, and the impact will affect important income and ex

      4 min read

    • Article

      3 Smart Places to Save Now

      Sep 23, 2021

      With Social Security set to deplete one year earlier than expected, taxes on retirement benefits may only get worse, not better. Currently, 15% of your Social Security benefit is tax-free. For the other 85%, it all depends on your “provisional income

      3 min read

    • Article

      401(k) Options After You’ve Left Your Job

      Jul 6, 2020

      So, you have been laid off or left your previous employer. This transitional period may be full of decisions, such as balancing unemployment insurance, health care insurance, and other important life decisions. Of course, retirement planning is still

      2 min read

    • Article

      Retirement Planning Checklist

      May 24, 2021

      Ideally, you should start planning for retirement the day you receive your first paycheck. But in reality, most of us don’t focus on retirement until much later—and that’s fine, as long as you’ve been saving throughout your career. Once you reach you

      10 min read

    • Article

      Nearing or In Retirement? Capitalize on Tax Cuts with a Roth IRA Conversion

      May 13, 2019

      We can't control the government or tax rates, but we can control how we invest our money. That's especially important in retirement, when the last thing you want is an unwelcome tax surprise. The Tax Cuts and Jobs Act of 2017 offers a window of opp

      4 min read

    • Article

      Retirement Savings Plans for the Self-Employed

      Feb 21, 2018

      As an employee of a financial-planning firm, Neil Brown follows his own advice and makes the maximum contribution to his company's 401(k) plan. But he also runs a side business, as a public speaker and financial educator. So more than 10 years ago, h

      4 min read

    • Article

      How to Lower Your Retirement Tax Rate to Less Than 10%

      Jul 17, 2019

      Is it true that retirement changes everything? No, not literally. But it does significantly change many aspects of your finances, and the more you understand your new situation, the more money you will have available to spend or save. How you set u

      5 min read

    • Article

      What’s Your Retirement Number?

      Dec 22, 2021

      As anyone who uses a fitness app can attest, setting goals can be a valuable motivational tool. The allure of the couch is easier to resist if your Fitbit or Apple Watch informs you that you’re well short of your daily step or exercise target. Likewi

      8 min read

    • Article

      5 Items for Your Year-End Financial Wellness Checklist

      Dec 28, 2018

      A typical holiday season is filled with checklists, from shopping lists to to-do lists, both at work and at home. Here's a short financial wellness checklist to help ensure your financial house is in order as you transition into 2019. Although we mi

      4 min read

    • Article

      Don't Let COVID-19 Derail Your Retirement

      Jun 5, 2020

      Since the stock market's coronavirus-related meltdown, I've tried to avert my eyes from the train wreck that doubles as my family's retirement plan--brokerage account, 401(k), Roth IRA, you name it. My next meet-up with our financial adviser will be

      2 min read

    • Article

      The Bucket Approach for Investing in Your 50s

      Dec 31, 2018

      Planning for retirement is not as simple as it was for your parents. Retirement income used to be a three-legged stool: pension, Social Security income and savings. Recently, companies have been doing away with pension plans and Social Security does

      4 min read

    • Article

      3 Retirement Wealth Protection Tactics

      Apr 23, 2020

      You're ready for retirement. You've successfully saved for decades, and now you and your spouse are prepared to ride off into the warm sunset of retirement. Plump tax-deferred retirement account balances are likely to translate into significant incom

      6 min read

    • Article

      Leverage These 5 Retirement Tax Diversification Strategies

      Jan 13, 2020

      When you're depending on your savings to do the heavy lifting in retirement, you need to wring out as much income as you can from every dollar of savings. However, if most of your savings are in tax-deferred accounts, you'll end up sharing your windf

      5 min read

    • Article

      How Much Can You Contribute to a Solo 401(k) for 2019?

      Jun 18, 2019

      A solo 401(k), also known as an individual 401(k) or a one-participant 401(k), is designed for self-employed people who have no employees other than a spouse. The plan allows these small-business owners to salt away much more for retirement than they

      2 min read

    • Article

      How Much Can You Contribute to a Traditional IRA for 2017?

      Mar 12, 2018

      You still have time before this year's April 17 tax deadline to contribute to a traditional IRA for 2017--and possibly get a tax deduction for the money you save in your individual retirement account. The maximum amount you can contribute to an IRA f

      3 min read

    • Article

      How Much Can You Contribute to a Traditional IRA for 2019?

      Jun 11, 2019

      Good news for retirement savers: The maximum amount that can be contributed to a traditional IRA increased by $500 for 2019. It's the first increase for the IRA contribution limit since 2013. The income limits to qualify for a tax deduction of your I

      3 min read

    • Article

      Year-End Financial Planning Ideas

      Nov 22, 2019

      If it's not too early for stores to put out Christmas decorations, then it's not too early to think about year-end financial planning. Here are some items to review over the next few months. Now is the time to see if you are on pace to max out you

      3 min read

    • Article

      Tax Planning Opportunities You Might Not Be Aware Of

      Sep 29, 2021

      Tax planning is not just an opportunity to reduce your tax bill; it is also an opportunity to build up your financial assets with creative strategies. Smart investment choices now can reduce your taxable income pre- and post-retirement, as well as se

      3 min read

    • Article

      Traditional IRA Basics: 10 Things You Must Know

      Jan 29, 2021

      The traditional IRA is one of the best options in the retirement-savings toolbox. You can open a traditional IRA at a bank or a brokerage, and the universe of investments is wide open to you. But with that freedom comes responsibility. Traditional IR

      6 min read

    • Article

      How Much Can You Contribute to a Solo 401(k) for 2020?

      Jan 10, 2020

      If you're self-employed, you can still save for retirement through a 401(k) plan. A solo 401(k) (a.k.a., an individual 401(k) or a one-participant 401(k)) is designed for self-employed people who have no employees other than a spouse. Small-business

      2 min read

    • Article

      SIMPLE IRA Contribution Limits for 2022

      Dec 17, 2021

      A SIMPLE IRA is a retirement plan designed for small businesses with 100 or fewer employees. It's a cheaper (and easier) plan for an employer to set up when compared to a traditional 401(k). However, the amount a worker can save in a SIMPLE IRA is le

      2 min read

    • Article

      5 Often Overlooked Tax Strategies as You Approach Retirement

      Jan 28, 2019

      When you approach retirement, your financial situation changes, and that presents unique opportunities. One of those opportunities is an increased ability to better control your tax bracket. When steady income from employment stops, it's replaced

      4 min read

    • Article

      3 People Who Benefit from a Roth (and 2 Who Don't)

      Jul 19, 2018

      Let's say you're working and saving for retirement and you have a choice between a traditional IRA or 401(k) or a Roth version of the same type of account. How do you choose? As you can imagine, taxes are the primary factor to consider. That's becau

      3 min read

    Related categories

    Reviews for Retirement Strategies For Millennials

    0 ratings

    0 ratings0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      Retirement Strategies For Millennials - Rekha Chidipothu

      INTRODUCTION

      Are you a millennial just starting your career?

      Do you wish to live the American dream?

      Do you want financial freedom?

      Are you one of the millions of Americans who desire to retire early?

      If your answer is yes to any of the above questions, keep reading how to get there.?

      Do you believe that only the rich can retire early? If so, this book debunks that myth.

      Early retirement is a possibility for everyone with a structured retirement savings plan regardless of income.

      What is a structured retirement savings plan?

      A structured retirement savings plan is a disciplined and strategic way of growing your retirement savings to accumulate enough wealth for retiring early. You need to start early and regularly make contributions for retirement while ensuring your retirement contributions are getting invested in a diversified way.

      As a first step, you can opt to sign up for a retirement plan, such as a 401(k), 403(b), 457(b), or Savings Incentive Match Plan for Employees (SIMPLE) IRA plan offered by your employer. Your retirement contributions automatically come out of your paycheck and go into the retirement plan. You need to figure out how much you will want to contribute to the retirement plan each year. Would you like to know a good strategy you can follow? Start early with a small retirement savings contribution and increase it by a set percentage each year to achieve your retirement goal.

      Suppose you are making an annual income of 40,000 dollars, and you are 25 years old. You can save 10% or 4,000 dollars of your annual income each year and increase the savings by 1% of the initial investment or 400 dollars each year. With diversified investing and assuming a 7% annual return, you can have a nest egg of about one million dollars by 58 years old.

      You may be curious about what it means to invest in a diversified way. Diversified investing minimizes your risk of losing money while maximizing your investment gains. Diversification means not putting all of your eggs in one basket. For example, if you invest all of your retirement savings in individual stocks, that will pose a significant risk. Instead, investing in a diversified mix of stocks and bonds or choosing Target Date Retirement funds tailored

      Enjoying the preview?
      Page 1 of 1