Are You Spooked By Your Current Retirement Savings? Time To Get Your Retirement Planning On Track!
As Halloween is approaching, you may be realizing that your retirement savings (or lack thereof) happens to be the thing that scares you most. Many people who fail to regularly invest in their 401K or IRA accounts often find themselves scrambling in fear as they near retirement age. When it comes to retirement, time is what’s on your side. If you’re spooked by the current status of your retirement accounts, it’s important that you get a handle on the situation now for the benefit of both you and your family.
Here are some of the ways a trusted financial adviser can help you get on track to reach your retirement goals before it’s too late:
Evaluation of current and future needs. A financial adviser will not only help you set up investments, but devise a financial strategy that is tailored specifically for you. As your adviser gathers both your personal and financial data, they will use this information to create projections that show you when and how you can meet your financial goals. These projections are usually based on factors such as standard law of inflation; general investment returns; how much you can save; and how much you will earn and spend. By entrusting an adviser with this information, you can begin the process of effective retirement saving and feel confident about your investments.
Planning for long-term growth. An effective retirement plan is heavily dependent on a comprehensive growth portfolio that allows you to keep up with inflation, create financial security, and leave a legacy for your loved ones. According to Investopedia, your portfolio should meet your future needs of capital and give you peace of mind. Your adviser will assist you in constructing a portfolio that is aligned with both your short-term and long-term financial goals. Going through this process will ensure your portfolio is diversified with various types of investments, such as domestic and international stocks, bonds, real estate, and commodities.
Staying on track. Retirement can last a long time, depending on how long you live. With greater life expectancy in your favor, it’s become even more important that you stay focused on reducing, controlling, and transferring risk with your retirement. As the economy has its ups and downs, your adviser can counsel you through difficult times and help you determine the risks associated with your portfolio performance. Throughout the years, your adviser can also help you identify investment opportunities you may not be aware of, such as certain types of tax deductions or estate planning options.
Whether you’re starting from scratch with your retirement planning or just need a push in the right direction, an experienced financial adviser can do wonders in helping you avoid investment mistakes, plan strategically, and protect and grow your assets.
Need some help getting your retirement savings on track? At Buffalo First Wealth Management, our advisers are fee-only. This means we act only in our clients’ best interest and do not accept any fees or compensation based on product sales. When you work with us, you can rest assured you’ll receive only the most trusted and respected financial guidance.