Whether you’re planning ahead for your retirement, a soon-to-be retiree, or already retired, understanding the fundamentals of retirement investing—and implementing prudent strategies—can help you better enjoy your financial future.
In this series, you’ll learn about the importance of investing for your retirement and what you should know to prepare. The focus is ensuring you have sufficient financial resources to support yourself and sustain your lifestyle once you stop working.
As life expectancies lengthen, individuals assume more responsibility for financing their own retirement. Our goal is for investors to feel empowered to make informed decisions about their unique circumstances.
The first step involves assessing your current financial situation, defining clear retirement goals, and then developing a budgeting, saving, and investing strategy to achieve them.
When defining your goals, how much do you need to save? Carefully consider your post-retirement expenses. Think about paying off your mortgage, traveling, and healthcare costs—including unanticipated medical expenses and other uncertainties—and don’t forget to include the ever-increasing cost of living.
The amount you’ll need to save to ensure financial security in retirement and cover your expenses will vary depending on these and other factors.
Solely depending on Social Security may not be enough to maintain your desired lifestyle.
And, without a plan to save for your future, you could experience financial insecurity in later years—lacking the savings to cover unexpected expenses, struggling to pay bills on time, or worrying about not having enough money to retire at all.
So, it’s crucial to start investing early, consistently, and for the long term. The earlier you begin investing, the more time your investment has to grow.
Unlike investing to achieve short-term financial goals—such as saving for a wedding or vacation or paying off a credit card—long-term investing prioritizes patience, discipline, and the ability to focus on the fundamental aspects of your investments.
That involves determining what types of accounts can help you save for your retirement and then understanding how to invest your earnings so you can continue to save, and your assets can grow.
A good course of action is to work with a Financial Advisor who can help you craft a savings plan tailored to your needs.
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