Retirement (MP) As you consider plans for your retirement savings, it’s important to review the best options available before deciding on the right solution. Your plan should begin by taking full advantage of your 401k (including catch-up contributions if you are age 50 or over) and contributing to an IRA and other tax-advantaged investments to save even more. Maximizing your retirement savings is the right way to help create a solid foundation for your future. But, the reality is, you will need to save for more than just retirement. Let’s look at how you can balance your saving goals more!
Balancing Retirement Savings
After you’re in a position to save for other important priorities retirement investing – I strongly urge you to consider:
–Identifying and prioritizing your short and long-term savings goals (examples., buying a car or home renovations vs. saving for college or a vacation home).
–Examine tradeoffs, time horizons, and costs of each of your financial goals; and learn about the types of investments that may help you meet your savings goals.
–Ensure you don’t lose sight of your retirement savings goals.
Make sure your savings goals are on target
When saving for multiple goals, you should check how your portfolio aligns with your expanding savings needs. Is your asset allocation in line with your time horizon and risk tolerance, and diversified based on your current finances? As your savings needs change, so will your target asset allocation. And don’t forget to reevaluate your portfolio and make sure they’re aligned with retirement investment changes of 2015.
Seek professional help with savings goals
⇒Once you decide the right asset allocation for you based on your goals and time horizon, it’s time to select the investments that may help make up your portfolio.
⇒Choose a fund that provides diversification and expert fund management with a single investment. Or let them invest and professionally manage your portfolio for you with “Managed Accounts”.
⇒Whether you are considering a mid-cap value or a high yield bond fund, a Fund manager will help you narrow down your choices based on expert selection criteria.
⇒Take advantage of free independent research, powerful screening, and analysis tools, and further your investment education to pick the right investments.
⇒Consider the age you are starting out, it will play a substantial part in choosing your retirement savings goals. Darice Britt wrote a great piece inside “Southern University.” Read it.
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