Saving for retirement sometimes seems like a lofty goal. It’s only as it gets closer that we start to take it so much more seriously. But there are a few things you can do today that will help you reach your goal more easily, whether that’s in 10 years or 40 years!
- Take Advantage of Employer Match: If it’s at all possible on your current budget, make sure you are taking advantage of the full amount of dollars your employer will contribute to your 401(k). There is no other way to categorize the employer match than “free money.” Be sure to look at your 401(k) plan to see what percentage your employer will provide you, and do everything you can to get the full amount!
- Use Catch-Up Contributions if You’re Over 50: Once you reach age 50, you’re eligible to play catch-up with your retirement accounts. If you’re in the position to take advantage of this perk, jump on it!
- Hold a Diversified Portfolio: The old adage of putting all your eggs in one basket often rings true for investments as well as many other things in life. Diversification can help protect you from risks that come along with investing. As your financial advisors, our job is to provide you with a portfolio that can both help you reach your goals and protect you from those risks.
- Keep Your Advisor Informed: Was there anything that happened this year your advisor needs to know about? Births, deaths, and other life events can impact not only your beneficiary choices, but also could impact your financial goals. Be sure to meet with your advisor at least once a year to discuss the best path for moving forward and keeping your financial strategy in line with your goals.
Are you doing everything you can to save for retirement? We can help you! Please contact us if you’d like to discuss your financial goals and how we can assist you in reaching them.