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New York
- These
are the most crucial years for individuals to ensure that
they have adequate savings to ensure that they can retire.
Retirement does not mean you will not necessarily work and
saving for retirement does not mean you should not splurge
and take a dream vacation. Life is about enjoying it with the
ones you love and being happy. It is an integral part of
being healthy and will help you reach your retirement age
goal. Although each individual should plan for their own
specific goals - the below represents a good outline to
follow.
Be sure you have an adequate amount
of liquid funds for emergencies
Maximize your 401(K) and IRA
contributions. 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.
This is a crucial time to save. Your
savings should be split between short (i.e., buying a
house) and long term goals (i.e., retirement). Long
term investments should be aggressive and growth
orientated while short-term investments need to be
liquid. Due to the wonders of compounded growth, this
is probably the best age group to maximize the amount
you save.
Balancing the need to support your
family, have fun and save for retirement, we believe
that individuals should be saving between 15% to 25%
of their income
If you have established savings - you
should be on a good track. In addition, your mortgage
may also be paid off and you can increase savings.
Consider how you can increase your savings without
diverting from your current quality life or your
retirement goals. As you need to spend on items such
as college expenses, a second home or dream vacations
- be sure that your asset allocations (short vs. long
term, aggressive vs. conservative) are appropriate.
You need to ensure you have liquidity when you need
the cash.
If offered an early retirement
package - ensure that you have planned properly and
have contingencies should your plan be low.
Ensure that you have disability
insurance through your work benefits or get one. The
importance of adequate disability insurance can not
be underestimated. Disability insurance protects you
should you get injured and be unable to work.
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 profiles:
Lower Risk
Medium Risk
Higher 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.
About Us
The
Independent Adviser Corporation is a 100% Independent and 100% Objective
Financial Advisory Firm that writes buy-side investment research. Our
network of independent Fee-Only Financial Advisers serves individuals,
families and businesses. They provide financial planning services, tax
advice and offer professionally managed asset accounts. They do not
underwrite corporate securities nor do they sell any proprietary products.
To find out more or get a FREE consultation Ask
The-Adviser.com or
call 1-800-ADVISER.
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