Every day you carry out a series of plans: what you’ll eat, outline solutions at work, even review safety plans. You may have even practiced long term planning for trips, and personal goals such as slimming down for an important event. You’ve likely experienced the benefits of a good plan. With all this in mind, it makes sense to have a good financial plan in place for your retirement savings.
Having a plan ensures an efficient use of your valuable time and being ready when unforeseen circumstances arise. A good plan helps reduce worry, which in turn makes for a happier, more comfortable lifestyle.
The U.S. Government Accountability Office (GAO) conducted a Survey of Consumer Finances in 2013. Of the close-to-retirement households (55 and older), GAO found 29% don’t have any retirement savings or defined benefit plan. Of the 48% that do have retirement savings, the median savings total $148,000 for households aged 64-74. That comes out to a monthly allowance of $649. Could you live off of $649 a month comfortably? That allowance might have been bolstered with more planning. The good news is it’s never too late to start saving. The first place to get started is with your employer retirement plan.
Your Company Has Retirement Savings Plans- Use Them!
Your company not only is paying your current salary and providing health-related, maybe even educational benefits, but it wants to support your retirement through retirement savings plans. You’ll need to investigate what your company offers. One example is 401(k) contributions where you save a percentage of every paycheck, then your company will contribute either equally to a certain point or a percentage of each dollar. The amount varies from company to company, but regardless of the sum it’s essentially free money, so take advantage!
Work an Advisor into Your Plan
After reviewing their company’s investment options, the waters for many people remain a bit murky with some waters left even darker and murkier! That’s because no matter how many brochures and websites you read, you’re not in the financial field. Some terminology is tricky to understand, and nobody wants to learn expensive lessons with their retirement savings.
Working with a financial advisor might make those murky waters clear and reveal other options. Financials advisors often offer free consultations to learn a client’s financial goals and to see if they are a good fit to work together. Good financial advisors might boost a financial plan, and will likely take the worry and stress out of planning your financial future.
Now that help is available…
Whether you have a dollar or a million dollars in your retirement account you will be able to explore the value of a real advisor simply by visiting the Self Directed Brokerage Account advisor contact site From this site you can begin to take advantage of the features of your retirement plan. If you wish you can also download a fact finder sheet that can be used to create your personal retirement financial plan.
Securities and advisory services offered through Independent Financial Group, LLC (IFG). Member FINRA/SIPC. Symphony Financial and IFG are not affiliated
To learn more about Rick Willoughby, view his Paladin Registry research report.
Other posts from Rick Willoughby
“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who...
There’s a lot to consider when it comes to retirement investing. Some worries that may arise include how...
We’re lucky to live in the information era. Anything we want to know is at our fingertips via...