How to Crush Your Retirement Savings Like Rob Gronkowski

Professional football player Rob Gronkowski did the unthinkable – saved his entire NFL career income, lived off endorsement money, and retired for the first time at 29. Over the course of his career, he earned nearly $ 60 million from his NFL contracts according to Spotrac, and unlike many players, he built himself a beautiful egg for years to come.

Although Gronkowski, known by the nickname “Gronk”, is a star footballer who has been blessed with million dollar contracts, his savings strategy is so simple that anyone can emulate him. to achieve retirement goals. If your retirement savings are a little low or just want to boost your portfolio, these tips will help you claim your retirement victory sooner than you think.

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The game plan

All great goals start with a plan, and the first step you can take to reach your retirement goals is to start saving. Allocate as much of your earnings as possible to your savings accounts. Don’t just save 10% to 20% of your income just because this is the standard route everyone takes. If you can save more, go for it. If you can’t save a lot now, put yourself in a position where you can easily increase your savings rate quarter at a time.

Gronk’s winning strategy, however, did not require complex formulas and calculations. “Keep it easy, and I would say keep it simple,” Gronkowski said in a 2019 Business Insider interview. “Get what you need to be comfortable, save the extra.”

To save more, you usually need to increase your income or reduce your expenses. But if you’re like Gronkowski, you can take on the challenge of doing both to speed up your progress.

In his 2015 book It’s Good to Be Gronk, Gronkowski shares the habits that have helped him maintain a sizable nest egg. “Look, to this day I still haven’t taken a dime from my signing bonus or my NFL deal,” the former Patriots squad wrote. “I live on my marketing money and haven’t spent a lot of money on expensive cars, expensive jewelry, or tattoos. Heck, I always wear my favorite pair of jeans from high school.”

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Reach your goals like a pro

Gronkowski saved every penny of the money he received during his NFL career and only received his endorsement income. He has made deals with popular brands such as Nike, Dunkin ‘, Cheerios, Tide, and others that have helped fund his lifestyle.

But if you can’t take advantage of all the glamorous offers of endorsement Gronkowski has received, don’t worry. There are benefits that everyone at all income levels can enjoy to help them achieve their goals.

For example, once you start saving, you can use a portion of your funds to maximize your Roth IRA each year to accumulate tax-free income during retirement. The key here is to invest the money in your retirement account for big returns. The IRS will even give you a bonus – the Savers Credit – to save for retirement, which can put up to $ 1,000 or $ 2,000 back in your pocket in 2021 if you earned a modest income.

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For those who have made too much money to contribute to a Roth IRA, check out the Traditional IRA. It’s a tax-efficient account that offers deductions that you can use immediately to reduce your taxable income. Don’t forget to look into employer-sponsored retirement plans, like 401 (k), which can give you an extra boost in accelerating your savings goals.

If all else fails, at the bare minimum, you can still take a side gig or earn an extra stream of passive income that you can save exclusively for your retirement needs. Having multiple sources of income makes it easier to save.

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The touch of retirement

Gronkowski isn’t just winning on the football field, he’s tackling retirement savings one game at a time. His moves on the pitch prove it: there is always a winning shot you can make, no matter where you are at.

If you apply this same mindset to your retirement strategy, you will be one step closer to a touchdown in your savings. You might not wake up with millions of dollars overnight, but there’s no doubt that Gronk’s strategy will allow you to have a healthy nest egg to live the life you want now and in the future. of your last years.