Financial success is best achieved with a team of experts and confidants who can help you navigate difficult decisions by providing valuable input and advice. The question is, who should be on this team? And are there temporary members of your team to consider?
What does retirement look like for you? Do you dream of golf outings, spa treatments, travel,
and eating at nice restaurants? Or, do you want to live a little more simply – card games, time
with friends and family, meals at home, reading? Do you know how much you’ll need to just live
versus living your dreams?
There’s a lot to think about when planning for retirement. And, of course, the earlier you get started, the better. Below are a few tips to get you on the right track.
Contribute to your employer’s retirement savings plan.
If you work for a company that offers a savings plan, such as a 401(k), contribute as much as you can. It is wise to contribute at least the full amount the company will match. Make sure to find out when you are fully vested as well.
How many retirement accounts do you have? If you've changed jobs a few times over the years, you could have several accounts housed in different employers' plans.
It’s been said that some people spend more time on choosing an automobile to purchase than they do on selecting a financial advisor. If that observation has a ring of truth to it, it may be because people are familiar with the daily driving experience and the ease of determining one’s preferences. In contrast, financial management is a task that, for most people, involves decisions and considerations that they know little about. Similarly, they are ill equipped to assess the qualifications of those who seek to provide financial services.
If you’ve taken steps to protect those who depend upon you – such as obtaining life insurance, writing a will, or developing a trust – give yourself a pat on the back. If you haven’t taken those steps, you should. Having a will and/or a trust helps to ensure that your hard-earned assets are distributed properly, and life insurance can help your spouse, children, and any other dependents meet their financial needs if you can’t.