Last year during my maternity leave, I had the opportunity to disconnect from the daily grind of work and found myself inspired by a few books I read during that time. One in particular, was “Quit Like a Millionaire: No Gimmicks, Luck, or Trust Fund Required” which my brother recommended and introduced me to theContinue reading “Tracking Progress to Financial Independence”
You want to take full advantage of your tax-advantaged accounts like a 401k or Traditional IRA to minimize how much hard-earned money you must give up. However, some people may be hesitant to contribute more to their retirement accounts because they expect high fees to access their money before 59.5 years old. You may be leaving significant earnings potential on the table by doing so, but some would rather the freedom to access their money without worrying about fees.
This brings me to the question, would we ever regret contributing too much to our tax-advantaged retirement accounts, and what strategies exist to access the money earlier?
Would you believe that a higher earner may take longer to retire if they are not prioritizing saving? A lower income means a lower savings goal in order to support that lifestyle and retire comfortably, which is why savings rate is so important. Regardless of your income level, it’s your savings rate that will ultimatelyContinue reading “Your Savings Rate Determines How Many Years You Will Work”