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Since Americans are working to provide them financially to themselves and their families, they often think about future retirement years, social security, money and investment.
Tony Robbins, author of the book ” Money: Make the gameHe presents six words of wisdom that will help people start controlling their financial lives.
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Both social security plans and plans 401 (K) include some of the complex details that people plan to retire will be smart to understand it.
For example, it is important to know that although one can start claiming the advantages of social security at the age of 62, the choice of starting to receive monthly salaries at a later age increases the amount of payments.
Related: Tony Robbins sends a strong message to Ruth Ayras, 401 (K)
The average monthly social security benefit is about 1,980 dollars, to become an annual total of $ 23,760. In comparison, the 2025 poverty line of the family of two people is 21,150 dollars.
It is clear that this is not enough money for most people to maintain their standard of living and their vision of comfortable retirement.
Therefore, it is important for people, during their years of work, to contribute as much as they can obtain plans 401 (K) sponsored by the employer and investing in the IRAS tax (individual retirement accounts).
Robins explains a brief way to display strategies to build wealth and one way to understand how to start.
Tony Robbins discuss social security, 401 (K), complexity
in Money: Make the gameRobbins wrote that one of his goals is to give people knowledge and tools to control their financial resources.
He emphasized the fact that the monthly social security benefits are not very few to live in, the money saved and investing in the plans of 401 (K) should be the Irish Republican army is a greater source of income in retirement from social security checks.
And dealing with the complex nature of many financial strategies through an explanation of six words about the reason why people did not start using them.
“The complexity is the enemy of death,” he wrote.
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Robbins dismantled his plan for people to build financial security in a series of steps that he believes will help remove confusion and make it easy for people to find a place to start.
He explained that any successful plan to build wealth begins with the first step.
“You’ll do what you really invest, and unleash the power of the best securities strategies,” Robbins wrote.
Related: Tony Robbins warns American workers against social security and retirement
Tony Robbins has advice on 401 (K) S and Iraas
Robbins suggests that one of the areas of knowledge employees who have 401 (K) can teach themselves and implement them to help develop their pension savings.
That is, if the worker’s employer offers Roth 401 (K), it is a good option to make this option.
Robbins believes that a person’s taxes will be higher than retirement, so the money that is invested in Roth 401 (K) is done after taxes are already paid, which means tax -exempt withdrawals when retirement becomes more attractive.
The author applies the same logic to Roth Iras and why it is believed that these tools are more beneficial than the traditional IRA. With Roth Iras, taxes are paid in advance, so retirement withdrawals are made of taxes.
Robins suggests two main reasons that people find that they are paying unexpectedly higher taxes after their retirement during their work.
By the time when people retire, household loans are often paid already. For tax purposes, then, there is no longer a mortgage discount that they can use.
Also, it is likely that any children have already they have and have their own life and professions, so it is no longer possible to claim them as clouds.
Robbins notes that the money provided and investment for retirement is often called a nest egg. But it has a different term for it.
“I call it your money machine because if you continue to feed and manage it carefully, it will grow to become a critical mass,” he wrote.
The goal describes as “a safe and safe pile of assets invested in a risky and tax -protected environment that earns enough money to meet your daily expenses, your emergency needs in your day, and sunset days from spending on retirement.”
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