11 Ways to Grow Your Wealth in 2025
Jeremy Keil explores Kiplinger magazine’s article “11 Ways to Grow Your Wealth” and how to apply these strategies to retirement planning.
Whether you’re planning your retirement, already enjoying it, or helping your children get there, wealth-building principles don’t stop applying once you retire. In fact, they generally transform from growth principles to preservation ones. In this episode of Retirement Revealed, I explored Kiplinger’s article on “11 Ways to Build Wealth” and broke down how each point can apply to your retirement reality.
1. Invest Early and Often… and Stay Invested
Chances are, you’ve already taken this advice to heart. The twist in retirement? Don’t stop now. Kiplinger’s advice to stay invested, especially with the money you won’t need for several years, is something that you can evaluate for your own situation. Having short-term money in safe places (like high-yield savings or money markets) could give you confidence to leave your long-term money in growth-focused investments.
2. Keep Investment Costs Low
One of the most misunderstood costs in retirement is the fee structure inside 401(k)s or investment accounts. Many retirees believe they aren’t paying any fees—big mistake. There are almost always costs, whether advisory fees or fund expense ratios. If you’re working with a financial advisor, ask about the underlying costs of your investments. Lower costs = more money staying in your pocket.
3. Continue to Prioritize Retirement Savings
Even if you’re close to retirement, or already in it, you can still add to your savings through catch-up contributions. If your kids are out of the house or your expenses have dropped, you might finally have the extra room in your budget to maximize those contributions.
4. Save for Specific Goals
It’s not all about the million-dollar nest egg. Think about your actual retirement goals. Are you planning a dream vacation? Helping grandkids with college? Paying off your mortgage early? These short- to mid-term goals deserve focused saving, and sometimes, special vehicles like 529 plans or high-yield savings accounts that may give you better returns without taking on big risks.
5. Stick to a Realistic Budget
Budgets get a bad rap for some people—and their feelings aren’t unjustified. Most retirement budgets I see are overly optimistic and wildly inaccurate. Instead of trying to build a detailed budget from scratch, just look at your take-home pay. What hits your checking account is likely what you’re already spending. Input-output may be a more practical way of estimating your future retirement spending.
6. Pay Down Debt Strategically
Debt can sneak in and disturb your financial peace. Whether it’s lingering credit card balances or a mortgage you’d rather live without, reducing debt before (and during) retirement frees up cash flow and reduces stress. The more you keep, the more flexibility you have.
7. Protect Your Credit and Identity
As we get older, identity theft becomes a bigger risk. Using password managers, enabling multi-factor authentication, and possibly subscribing to an identity protection service are all smart moves. They’re like the homeowner’s insurance for your digital life.
8. Think Carefully About Buying Property
Owning property isn’t always the best move in retirement, especially when it comes to vacation homes. Renting might feel like “throwing money away,” but when you factor in insurance, property taxes, maintenance, and furnishing expenses, it might be the wiser move. I cover this topic in-depth in one of our most popular podcast episodes—check that out if this is on your radar.
9. Boost Your Income—Creatively
Not every raise comes from your boss. One way to “boost your income” in retirement is to design a glide path into retirement—maybe shifting from five days a week to three, or focusing only on the work you enjoy. That way, you still earn, keep your mind active, and delay dipping into retirement savings.
10. Review Your Insurance Coverage
This one’s huge. We review our clients’ homeowners, auto, and umbrella insurance every three years. Why? Because overpaying for low deductibles or underinsuring high-value assets can derail your retirement plan. A common mistake: keeping a $500 deductible when moving to $1,000 could save you hundreds annually—often without a big impact to your finances if you have a claim.
11. Work with a Pro
Not just any pro—the right one. If retirement is your focus, work with a retirement-focused planner. If you’re ready to build or refine your retirement master plan, head over to FiveStepRetirementPlan.com to learn how we help clients create a solid financial future.
Your wealth journey doesn’t stop at retirement—it just changes lanes. Whether you’re building or preserving, these 11 strategies can help guide your way.
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Additional Links:
- Watch this episode on the Mr. Retirement YouTube channel:
- “Should You Stop Renting and Buy Your Vacation Home?” – Mr. Retirement YouTube Channel
- “11 Ways to Grow Your Wealth” by Kiplinger Magazine https://www.kiplinger.com/investing/wealth-creation/ways-to-grow-your-wealth
- www.5stepretirementplan.com
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
The material presented includes information and opinions provided by a party not related to Thrivent Advisor Network. It has been obtained from sources deemed reliable; but no independent verification has been made, nor is its accuracy or completeness guaranteed. The opinions expressed may not necessarily represent those of Thrivent Advisor Network or its affiliates. They are provided solely for information purposes and are not to be construed as solicitations or offers to buy or sell any products, securities, or services. They also do not include all fees or expenses that may be incurred by investing in specific products. Past performance is no guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. You cannot invest directly in an index. The opinions expressed are subject to change as subsequent conditions vary. Thrivent Advisor Network and its affiliates accept no liability for loss or damage of any kind arising from the use of this information.
The Editors of Kiplinger’s Personal Finance of Kiplinger are not affiliated with or endorsed by Thrivent Advisor Network. The views expressed in this article, “11 Ways to Grow Your Wealth”, are their own and not necessarily those of Thrivent or its affiliates.
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Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
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