Greg Group Blog | How to Retire a Millionaire | Talkmarkets
Financial Newsletter Author
Contributor's Links: Get Rich Investments

Founder of investing company specializing in advanced option strategies and monthly income generation through covered calls and other investments. MBA with extensive background in strategy and investing. Produces financial newsletter, Get Rich ... more

How to Retire a Millionaire

Date: Saturday, January 28, 2017 3:23 PM EDT

From your early entry into the workforce and throughout your working life, you are always reminded to prepare for your retirement. We all realize the need to have income for the day when we end our working career. This is based on the classic mindset of saving for retirement. Most regularly deposit a portion of income in their 401 retirement plan. There is nothing wrong with this strategy as long as you are prepared to wait for your “someday” in 30-40 years or more. Many are behind in the amount needed to fund a comfortable retirement.

A June 2015 Government Accountability Office analysis found that that average Americans between the ages of 55 and 64 have accrued about $104,000 in retirement savings. Sound like a lot? Not when you realize that sum would translate into a $310 monthly payment if your money were invested in a lifetime annuity.*

There may be another option to complement your retirement. At Get Rich Investments, we focus on developing multiple streams of income. The strategy is simple, continue building monthly income until your investing income exceeds your current income. At this point, you have a monthly income to support your lifestyle and retire without having to scale back your living. The sooner you start building monthly income, the faster you will produce significant monthly income.

You can keep contributing to your 401K as this will be one stream of retirement income. Another income stream will be SSI if it is still a viable option when you retire. Then, you might want to consider building additional income streams through our strategies. You can start with a small account and watch it grow over time to your ultimate income producing investment. Of course, this will not happen overnight or next week as there is no get rich quick scheme.

How do we create multiple streams of income? We sell options such as cash-secured PUTs and covered call trades. Based on the type of stocks we invest, this is a lower risk strategy than small cap stocks. We also like to capture dividend income from stable, world class stocks. And, we diversify our income streams by investing in CEFs paying monthly dividends.

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