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You plan for retirement by surrounding yourself by professionals that will give you sound unbiased advice.
You also formulate and implement a financial plan that is constantly monitored and updated as needed. You assume that the unimaginable will happen, even if it seems terribly remote.
You start saving early in your life, even if it's only a few dollars at a time. Diversify, take only the amount of risk that you are comfortable with, and let the professionals I previously mentioned meet with you on a regular basis to review and revamp, if needed.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
How does one plan for retirement? First thing is to make the decision to set aside today's dollars for a future use. You have to decide to make the commitment to set aside funds, leave them alone while growing and consistently contribute to this future goal. This means living on less to today, so you can live with more tomorrow.
Once you've made that commitment to yourself, it is good to find an investment professional that will explain your options and the choices in front of you. Avoid the one trick pony advisors who beat one and one choice only into your head. There are many ways to get there. The goal is to consistently save in one or more choices to get you there.
First establish your time to retirement, how long until I retire? Then create an investor profile to establish your risk tolerance. What is the beta (volatility) of the investment you’re considering? Then estimate you income tax as a percentage of your gross income. What was your gross, what do you actually pay the IRS. This helps determine if you should use a qualified plan. You should probably use a qualified plan if your employer matches your contributions.
Diversification is a key component of constructing a retirement plan. Diversification in your investment portfolio. Diversification in short, midterm and long investment periods. Diversification in taxation: taxable, tax deferred and tax free. This all matters when you take distributions from your retirement plan later in life.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
You plan for retirement by starting to develop a relationship with a professional who can assist you. Notice that I said, “Start” because retirement planning is an ongoing process of making adjustments. Even the goals that you initially set will change in most cases and adjustments will be necessary. The second important thing to realize is that it isn’t the performance of investments but the commitment to shifting capital that will develop the money you will use to have a successful retirement plan.
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You also formulate and implement a financial plan that is constantly monitored and updated as needed. You assume that the unimaginable will happen, even if it seems terribly remote.
You start saving early in your life, even if it's only a few dollars at a time. Diversify, take only the amount of risk that you are comfortable with, and let the professionals I previously mentioned meet with you on a regular basis to review and revamp, if needed.
This worked for me and it will work for you.
Once you've made that commitment to yourself, it is good to find an investment professional that will explain your options and the choices in front of you. Avoid the one trick pony advisors who beat one and one choice only into your head. There are many ways to get there. The goal is to consistently save in one or more choices to get you there.
Diversification is a key component of constructing a retirement plan. Diversification in your investment portfolio. Diversification in short, midterm and long investment periods. Diversification in taxation: taxable, tax deferred and tax free. This all matters when you take distributions from your retirement plan later in life.