Here\u2019s a wake-up call: Americans between the ages of 55 and 64 have an average retirement savings of $537,560 and a median retirement savings of just $185,000. Considering most financial advisors lean into the golden rule of having at least $1 million in your nest egg before you retire, this is alarming.<\/p>\n
Add Social Security\u2019s average benefit check of about $2,012 into the mix, and your monthly bills are probably looking a little steeper than you would have expected in your golden years. However, money expert and real estate mogul Grant Cardone said it doesn\u2019t have to be this way.<\/p>\n
After completely overhauling his finances at age 51, he transformed his net worth to build a billion-dollar real estate empire in just over a decade. Here are Cardone\u2019s retirement tips and straightforward advice he shared on his YouTube channel<\/a> for avoiding financial disaster in retirement<\/a>.<\/p>\n \u201cYour mama told you to save your money, your daddy told you to save \u2014 they told you about the bottom half of a financial statement, not the top half,\u201d Cardone explained. Instead of pinching pennies, he suggested people generate serious income<\/a>. Make so much that \u201cthe spillage will take care of you in retirement.\u201d<\/p>\n Be Aware: I\u2019m a Financial Expert: This is the No. 1 Mistake Americans Make With Their Roth IRAs<\/a><\/p>\n Up Next: 5 Clever Ways Retirees Are Earning Up To $1K per Month From Home<\/a><\/p>\n Cardone warned against parking money in typical spots like \u201csavings accounts, checking accounts, money markets, mutual funds, ETFs, 401(k)<\/a> plans and IRAs.\u201d With returns as low as what he explained as \u201c.0018%,\u201d these accounts won\u2019t build real retirement wealth.<\/p>\n