How To Make A Million After Your Retirement
#2. Start a business
Starting a business is one of the wisest ways to earn more wealth. Investing money, time, and hard work in business is likely to bring more revenue. If you’re an employee or self-employed, you’re trading your time for money. The moment you decide to stop working, your income stops flowing. Working hard and saving money simply means you never have to worry.
#3.Delay Social Security
You work, you pay your withholding, and when you reach retirement age, you are entitled to start collecting Social Security benefits. It shouldn't surprise anyone that how long you live for which is one of the biggest factors in determining whether your decision is the right one. To calculate a person's monthly payments, the Social Security Administration looks at lifetime earnings, their age when they start to collect, and their average life expectancy at that age.
The way you tap Social Security payments can enhance your odds of becoming rich, said Barry Korb, president of Lighthouse Financial Planning in Potomac, Md.
"Many middle-class couples could accumulate $1 million if they delayed claiming their Social Security until age 70, and then saved and appropriately invested," he said.
#4.Buy real estate
Real estate is one of the best and easy ways to make money and build wealth. The best way to get a lot of cash flow is to buy properties at below market value, make changes to increase value. Investing in real estate and after years, selling the same property will fetch you more money.
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