6. Creative Ways to Save $1 Million for Retirement

Welcome to RIGGED, the podcast that helps you RIG the wealth game back in your favor. I’m Terry Sacka.

And how do we do that? Two ways. By arming you with knowledge of the wealthy and through diversification into tangible assets. I’m speaking of precious metals such as gold and silver, which are true money and have held their value throughout history. Gold and Silver can be purchased outright and shipped to you, held in a private storage vault and even bought through your IRA or 41 K retirement account. If you’d like to speak to a wealth management specialist right now about building wealth through tangible assets, call us at (888) 747-3309 or visit CornerstoneAssetMetals.com. Make that call that will change your life and your perspective on wealth. Call (888) 747-3309 or visit CornerstoneAssetMetals.com.

Today we’d like to talk about how to save a $1,000,000 in retirement, and this will be the second segment. If you haven’t heard the first. I had to encourage you to go to rig at Cornerstone Asset Metals website and listen to the first program. So for those that want to save a $1,000,000 for retirement, we left off talking about the importance of building a health savings account. Now this is very different than health insurance. But a health savings account allows you to put a little bit of money every year away, tax free tax deferred into an account that can be there for any major expenses down the road. Very important, because it’s always these unforeseen that we want to, you know, say four, and that’s a great place to get started. Next, of course, is our health insurance and health insurance. I understand it’s an incredibly difficult marketplace these days. I think the affordable care act that they did that Obama care was an absolute nightmare. Nothing good came out of it, while for some people on the bottom end of the economic scale, I guess. But it and then I think more so for anything else then they pre existing condition, but that we could have done so many other ways. But I found the affordable care act to be so disaster is you talk about wealth transfer. It’s because so many people whom, or of the middle class who were working and and having health insurance they saw for a family of four, their premiums quadruple in some cases, and then they’re deductible went from, like $2500 to, like 12,000. I heard people that used to pay $400 for a family now pay $1200 a month.

And then, of course, these high deductibles. It is such a robbery of a health care system or insurance, it really is. It was a tragedy in itself. But the problem is we still need health insurance, so you can try to navigate the exchange and God bless you if you can find your way. But if you’re Chris Jim, you can actually go to these health sharing programs like Meta Share Samaritan’s Purse and there’s a There’s a many of them. Just check the one in your state and do your homework on him. But the health sharing type of companies are fantastic because you can get a kind of up. It’s kind of like a policy to some extent, but your premium will be a fraction of the cost of Affordable Care Act and your deductible be a fraction as well. And then what people do is they help share each other’s bills. It’s incredibly successful. Just shows you how much more e how much easier would have been for them to correct this. I won’t even get into the politics of how corrupted the affordable care act was. But the problem is, we need to navigate this because if you want to say for a $1,000,000 you need to manage your health insurance, it is absolutely essential. And if you can save money and still get the benefits off any type of tragedy or surgery, the only difference is in a health sharing type of service. You don’t really get things covered, like certain testings or if you want to go to a hormone test or something. But it doesn’t matter because your it’s so much less per month. You don’t mind contributing or just paying cash for certain things is there for the catastrophic, which is really the most important. So take that very wisely. If you have the option, look into those health sharing accounts. If not really do your homework on that affordable care exchange and do not over pay because these things are a tragedy and robbing you of wealth. All it did was take money from those producing and give it to those who don’t. And we could have done that in so many other ways. But it is very important to manage.

And then the one other thing you can do to towards managing your health beyond obviously doing everything you can through nutrition and proper diet and stay away from processed foods. I know they do say 40% of people eat fast food every day. And, well, that’s just about what it’s gonna kill you so it really manage and keep that in perspective. But once you get in your forties, you want to really look into long term care insurance. Long term care insurance is so important because what happens down the road if you get incapacitated, or for some reason you need to have a nurse come by the house every day, that could be very expensive and destroy your retirement savings rapidly. Long term care insurance is really a an excellent tool to manage, and if you do it young enough, you can actually get a reasonable on policy and then that will be there for you. In case you get incapacitated. You need a nurse on a daily basis or you have to go into some form of a facility. Now, just do your homework, please. Long term care policies. We’ve seen them where the companies go out of business and then you’re you lose everything, so make sure it’s whether very reputable firm has been around a long time and may make sure that that details are right. But it is a great way to manage our health going forward because at the end of the day, I know many things that we’re gonna go to universal health care where the government takes care of us all. But I can promise you that would be a disaster. You want to talk about rationing and you want to talk about being just thrown to the curb and medical treatment. I can contest to that, I guarantee. But I’m in that kind of system because I’m a veteran. And although our veterans get taken care of and they really do look after you, it is definitely case by case because I seen where they would just generically give you something that isn’t going to help it all unless you really push the issue. And so if we had to go universal, it will not solve the problem in any way. We really need to get more private and more competitive, but that’s all politics I’m not interested in.

The next thing that we need to focus on if we want to make a $1,000,000 for retirement is if we can take advantage of a 401k or what’s offered from an employer where they will actually contribute a certain amount of money every paycheck and you match it and you definitely want to take advantage of it because it’s free money. Now the only thing with a 401k you have to be very careful about as you don’t get really many selections on what kind of investment program you want to go into. The employers typically line up with some brokerage firm that do a myriad of mutual funds or some basket of investments. Just do your homework if you have options and look at the very best plan that fits your risk tolerance. But a 401k is definitely something you want to do because it’s free money. And remember, we should be doing minimum 10 to 15% of our income set aside for retirement and so off portion of it will fit into that 401k and then the remainder. We can go into some of these other items now. An IRA would be the next one. An individual retirement account. Individual retirement accounts have many ways traditional Roths as well as a self employed the account. If those air not working with other people now a traditional IRA, you can get tax free, and then when you retire and you withdraw, you pay your taxes. Then a Roth IRA is when you pay or you put it in money into that IRA after you pay taxes.

Personally, I like the idea right now of doing Roth IRAs because taxes are low and one day in the future, especially with the trillions and trillions were printing, you can guarantee taxes air going higher. So a Roth IRA is good because you minds well paid the tax now and then you put it in the investment, the IRA investment and then down the road. In the future, when you take it out. You don’t have to pay any taxes on it. That’s a really big deal in the IRA. Compared to a 401k. You have tremendous flexibility Now. Their title is assets at stock market bonds, things of that nature. But you have flexibility. You can do contrarian investments that allow you to make money when things go the opposite direction. You can head yourself to make money as it goes up and make money when it goes down. There are tremendous investment ideas all throughout the market system that you conduce that heads you and protect you along the way. So you want to look into it. But, you know, keep in mind, you take advantage of those 401k and IRA contributions, Max out all that 10 to 15% into those vehicles, and then what’s the leftover? If if there is, then we go into individual investing. So until next time we’ll get into how to save $4 million in retirement, and we’ll take care of more of that in Segment Three.

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