A simple yet effective strategy. If you need help planning for your retirement, let us know!

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Shared via 10News Sarasota Fla.

LAKELAND, Fla. (WTSP) — One Polk county lottery player is $18 million richer. That winning ticket was sold at a 7-Eleven on US 98 in Lakeland. At last check no one has come forward to claim the jackpot.

While your chances of winning the Florida lottery are slim, one in 23 million to be precise, you do have a good shot at becoming a millionaire in your lifetime. There are three steps you can take to retire comfortably, no matter how old you are right now. thinkstockretirement_1478203389955_6735636_ver1-0

1. Start planning

If you’re in your 20s and 30s, retirement might seem like it’s a long way off, but this is when you need to start planning.

“If you have a job, what do you make at your job? What’s your rent? What’s your utility bill?” John Livingston, Vice President for Wealth Management at Robert Baird, said. “At the end of all that, is there anything left over? If there is, does that present an opportunity to do something?”

If it’s an option, Livingston recommended putting what’s leftover into a 401K that matches your contribution.

2. Contribute and Invest

Moving on to those of you in your 40s and 50s. You might have a career now and be more established, but don’t forget to keep contributing to that 401-K. If you’ve got anything left over, Livingston said to invest it.

“It could mean that you have some stocks. You have some bonds. You have other investments with real estate,” he explained. “Those types of things, so putting those dollars in other categories to give you the opportunity to make additional money.”

3. Push back retirement, spend less and downsize

Finally, if you’re in your late 50s or early 60s and still don’t have enough to retire, don’t fret.

You might have to think about retiring later. While you do that, spend less and consider downsizing.

At any age, Livingston said the key is to stick to your plan.

“Keeping your emotions out of it, having a plan, being very diligent with that plan, and not letting emotions take over. To the extent that you can do that, for the most part it should work,” he said.

So even if you don’t win the lottery, you could be well on your way to becoming a millionaire.

(© 2016 WTSP)

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