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am 20+ years from retiring. How should I plan?
By The-Adviser.com -
- We generally believe that one of
the most important thing about planning for retirement is to
have fun while your young while you are saving for
retirement. Saving for retirement does not mean you need to
give up vacations, a new car or new clothes. However, it does
mean you need to establish a disciplined long-term approach
to saving for all your goals. You do need to develop an
investment strategy that takes into account your investment
objectives, tolerance for risk and your exact time horizon.
Here are some good points to follow.
Save Early - Despite
the struggle of paying off any college debts or the
initial struggle of meeting living expenses, we
believe that at a minimum, you should save 5% for
your income for retirement and 5% for emergency money
(until you have six months worth of living expenses
saved). After you've saved emergency money, save at
least 10% of your gross income for retirement.
Maximize Use of Tax-Deferred
Accounts - Establish a 401(K) retirement
account at work if offered or open an IRA account.
These plans give you the power of tax-deferred
compounding and allow you to earn interest on money
you would have paid to the IRS.
Invest for Growth -
Be aggressive and go for growth. Although past
performance is no guarantee of future results,
equities have clearly outperformed all other
investments. Any additional disposable income should
be saved for your goals including buying a first home
or a new card.
Check Insurance Coverage
- Ensure that you have disability insurance through
your work benefits or get one. The importance of
adequate disability insurance can not be
underestimated. Do not burden your parent's
retirement or your families welfare by not taking
care of yourself. Disability insurance protects you
should you get injured and be unable to work.
The most important advice you need to follow
is that you should begin saving something. The longer you
wait to begin investing, the more you need to save for
retirement in later periods of your life. Although each
individual should plan for their own specific goals and their
own circumstances, we have developed the
following sample investment asset allocations based on sample risk
Remember, it is important to understand your
overall financial profile and your risk tolerance levels
before you begin an actual investment program.
An independent Fee-Only
financial adviser can help you structure an appropriate financial strategy
to help guide you through retirement.
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