Personal finance expert Rachel Cruze shares her top rule for setting yourself up for retirement success and becoming a millionaire. Cruze emphasizes the importance of utilizing your company's 401(k) plan and taking advantage of a Roth IRA if offered.
If you want to set yourself up for success in retirement, personal finance expert and 'The Ramsey Show' co-host Rachel Cruze explains the top rule to help you get on the path to millionaire status. The expert joined FOX Business' 'Mornings with Maria' on Monday and provided advice when it comes to saving for retirement, and explained how one can reap the rewards and benefit from utilizing your job's 401(k) plan.
'What's so great is that so many 401(k) programs, when your company has a match, to go up to that match and then even use programs like a Roth IRA, when you put up to $7,000 in that per year and that's tax advantage, right?' Cruze pointed out. 'So when you take that out, you're not going to have taxes on that.' Cruze agreed with host Maria Bartiromo, who suggested 'the No. 1 rule towards becoming a millionaire' is putting money into your company's 401(k) plan early on – without touching it – and taking advantage of a Roth IRA plan, if the company offers one. Tucking money away into a 401(k) plan is a strategy for the future that will pay off in the end, 'The Ramsey Show' co-host, who focuses on helping people take control of their money, emphasized. 'It's a long-term mindset,' the personal finance expert said, while also pointing to concerns from younger generations and investors. 'I think the issue is, especially for younger people, we're talking to Gen Z and even some millennials, as a retirement feels so far off that it almost feels like you're putting money in a black hole, and you're like, 'I'm not going to see that, and so I have to take care of issues today.'' She explained how one of the 'big messages' the Ramsey Solutions team shares is getting people confident, out of debt and building out a financial game pla
Retirement Financial Planning 401(K) Roth IRA Millionaire
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