Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Ah youth! If most baby boomers had to do it all over again, they would have paid into their retirement plan first before spending any of their discretionary money of a lifestyle supported by debt. At age 30, you may have 40 years to accumulate a retirement plan that may need to last 30 years!
Disciplined deposits are the first order of the day. Developing a financial profile that included a risk tolerance assessment is also very important in light of your financial goals, i.e. a fully funded retirement plan.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Retirement planning is an evolving science. There isn’t consensus on the best way to prepare for retirement; however, moving money from your current account to the future account is the basic step you must take. Relying upon the return on investments is at best grasping at a straw as those who lived through 2008 know. Move capital, start now, don’t quit and review your plan, review your plan, review your plan.
That is a great question, and I'm really glad that you didn't wait any longer to ask it! The first step would be to meet with an advisor to look at where you stand financially right now. Once you've looked at where you are, you want to decide where you want to be. What are your goals for retirement? Travel? Retirement home somewhere? These kind of goals help determine how to set up a solid plan for you. Depending upon where you are financially, you may need to change some of the things that you are doing now. Current wisdom says to live in retirement at the standard you are now, it will require that you have saved 8-10 times your current salary. I would strongly advise that you find someone that you trust to start the process for you, and the sooner the better. If you would like to discuss this further, please feel free to contact me, I'd be happy to make some time for you. Thanks for asking!
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Disciplined deposits are the first order of the day. Developing a financial profile that included a risk tolerance assessment is also very important in light of your financial goals, i.e. a fully funded retirement plan.