We all want the magic key to growth. From growing our personal wealth to business growth to national gross domestic product, Americans are obsessed with figuring out the perfect growth formula.
Unfortunately, the reality is there is no magic solution for any of these areas. Numerous factors interplay to contribute to growth, adding up to be advantageous, disadvantageous or neutral.
When considering the best options for growing personal wealth for retirement, one of the biggest factors is planning. While a minority of individuals plan even 10 to 15 years ahead of retirement, studies show planning can make the difference in whether you have enough income in retirement. Those who plan ahead tend to have double or triple the wealth of those who do not.