How to retire rich

July 19, 2012, 2:44 pm David Ning U.S. News & World Report

Forget the lottery and get rich quick schemes; the smart strategy is to plan to be wealthy in your retirement.

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As the new financial year begins, it’s time to set new goals and resolutions. One such goal for many people is retiring rich, but some people confuse this objective with getting rich quickly or retiring soon.

Here are six reasons retiring rich is actually much easier than retiring early.

Retiring rich can be a sure thing.

Unlike getting rich quickly, you are bound to retire rich if you continuously pay off debt, spend at an affordable level, and continue to have your future self in mind when you make money decisions. No one is saying it's a piece of cake to be able to do all of the above for decades, but you can accomplish this if you decide to make your retirement finances a priority.

Retiring rich doesn't mean taking big risks.

There are numerous jackpot winners every single week, but that doesn't mean you will strike it big by playing the game. You don't have to make blind bets in order to retire rich. In fact, you are more likely to retire rich if you make steady progress toward your goal instead of trying for a sudden windfall.

Retiring rich takes time, and this can actually be a good thing.

A job you enjoy can add meaning and purpose to your life. Instead of focusing on exiting the workforce as soon as possible, keep looking for new work opportunities you might find fulfilling. Retiring rich takes years and even decades of effort on our part, which can make retirement that much sweeter for us as we enjoy the fruits of our labour

Retiring rich isn't just based on luck.

Many people who win the lottery end up blowing all the money because they thought their good fortune would last forever. Unfortunately, luck is pretty random and there is no guarantee that you will find it or hold on to it. It's better to continuously work toward a sure thing. Sure, things would be much easier if you were lucky, but those who stay disciplined and remain dedicated to their saving and investments will eventually be better off.

Retiring rich is attainable for everybody.

Everyone who puts in the time and effort to save has a good chance of reaching financial freedom. Getting there won't be easy. But if you save, don't get emotional with your investments, and stick with your long term plan, almost anyone can become wealthy given enough time.

Retiring rich is about having the right Super Strategy

Superannuation is one of the most neglected but important assets Australians own and when it comes to retirement your Super will probably be the main asset you live from. Making sure you keep track of your Super and how it is performing from a young age will mean you have plenty to spend in your retirement.

Related reading: Super tax time!

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