Getting Out Of Debt

Retire rich isn't a dream. It's a goal, a goal that's practical and do-able.

How then are you going to go about to "retire rich"?

Here are 6 practical, do-able steps to ignite your effort.

1. Time is money, start to save today, no matter what!

If you want to retire rich, you got to start saving as early as possible. Don't ever delay.

You think you might be able to make up for lost time by making higher contributions in later years but sorry to tell you that money doesn't play the catch-up game with time or with you.....

The earlier you start to save, the more time you get your money to be compounded with interests and over time, the compounding power of interests on your money makes a huge, huge difference in the amount of retirement money due to you and your "wealth" being.

2. Max out the annual contribution limit on your Individual Retirement Account (IRA)

You've either the traditional or ROTH IRA to contribute to. Hey, grab either one and start to contribute to the maximum permissible amount.

3. Take full advantage of employer matching funds

Your employer may match up to 50% of the contributions you make to your 401k or any other retirement accounts. Sieze this opportunity to increase your pile of savings! If you don't, you're literally walking away from "free money".

Imagine, this virtually means you get an immediate 50% return on your money! No other alternative investment offer you this! And it's risk-free, untaxed!

4. Don't cash out of your retirement when you change job

When you change job, don't cash out of your retirement plan you've with your old employer. Instead, roll over the money into an IRA or your new employer's 401k plan. You not only avoid the hefty tax penalties, you also keep your money working for you (i.e. earning interests) tax-free. Over time, this could translate into a neat pile of savings that can support you with a comfortable retirement lifestyle.

5. Avoid IRA withdrawal fees

When you're strap for funds, the urge to withdraw money from your retirement account is, what can I say, intense.....

Well, before you even think of doing it, be very sure that you qualify for it or else you'll get hit with "gigantic" withdrawal fees and penalties.

6. Make more money

Get innovative! There're so many ways to make money.

How about starting a business selling information product online or offline?

Don't have to be complicated stuff; just sell information on the subject you excel at, say gardening or sports or arts or dog training or traveling or cooking.

Do it part-time basis - at night, weekends, holidays. Over time, you'd be amazed how much your business has grown and the size of your income too, from the business.

Make it a successful and profitable one; you'll be able to draw income from it, for a long, long time.

Due to her strong yearning to retire early in life, Cecelia Yap has been researching on the subject of retirement. She has found the most "viral" way to grow her retirement nest egg and you too can do what she does, here: http://www.perfect-body-toning.com/my-passion.html

AP - Mark Whitaker has been named to replace Tim Russert as head of NBC News' Washington Bureau.