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Retirement Tips

Retirement tips seem to be everywhere in the age of technology. It seems like everyday a new word of wisdom sneaks in your inbox, while a seemingly trustworthy television show offers conflicting advice. Add that to tips from friends and family, and it can be difficult to know where to begin when it comes to building your retirement nest egg. Should you invest in the latest tech start-up? Stick with government bonds? Go strictly with cash? Put your money overseas? Unfortunately, not every piece of advice you hear from friends or the media is reliable. Knowing who to trust with such important decisions can be confusing, but a certified financial planner can help you sort good tips from the bad to determine how much you need to save to live comfortably and what you need to do to reach your own financial goals, and do all of your planned retirement adventures.

A good financial planner knows that retirement tips don't work on a one-size-fits all basis. Finding a financial planner who will take the time to get to know you increases your chances of developing a unique plan that best fits your long-term goals, whether you hope to spend your time at home fixing up your house or you dream to experience the world as a golden-age globetrotter. Discussing your retirement dreams with a professional financial planner will help you assess what dreams are realistic and what changes you might have to make in your life now to realize the life you want in the future.

Universal Financial Tips

No matter what your dreams are, some retirement tips universally sound. One of the best tips you can follow is opening a 401k plan or IRA. Since there is no minimum required monthly contribution, both of these accounts are easy ways to start building your nest egg no matter what your financial situation is. Start by asking your employer about a 401k option, and whether your company will match your contributions. If you are self-employed or own a small business, look into a solo 401k or SEP 401k plan. If your company doesn't offer 401k, investigate IRA plans. Both 401k and IRA accounts offer tax benefits, and you can even contribute to both accounts. There may be penalties, however, for withdrawing funds too early or transferring funds from one type of account to another.

Another universally beneficial financial tip is setting up an appointment with a financial planner. Whether you struggle to contribute to your savings each month or have more savings than you know how to wisely invest, a financial planner can help you develop a strategy that maximizes your monthly contributions and think about the future to best reach your long-term goals. A financial planner can suggest the right investment mix for you, whether it's stocks, bonds, mutual funds or a variety of securities. The right investments for you will likely depend on your age, income and retirement goals.

Tips for Young Investors

The best retirement tips for you will vary depending on your age. The investment choices you make in your first two decades of adulthood can often have the biggest impact on your financial future, thanks to compound interest. First and foremost, your 20s and 30s are the time to eliminate high-interest credit card debt, pay off your student loans, and establish good credit. If you follow no other retirement tips than debt management, you will enjoy a much larger nest egg in your retirement, even up to hundreds of thousands of dollars more, than if you mismanage loans and let debt balances grow. If you are in your 20s or 30s, you can afford to invest in a riskier portfolio than when you get older, including a heavier percentage of common stock and less liquid assets. Your 20s and 30s are often a good time to invest in your first real estate purchase. Overall, the goal for these decades is to reach your 40s with a clean debt slate and a good start on your nest egg.

Tips for Nearing Retirement

As you reach your 40s and 50s, the best retirement tips for you start to evolve. You may want to be more conservative in your investment mix, moving more funds from stocks to bonds as you begin to consider what you want to do with large non-liquid assets like your home. If you want keep your house for family occasions and entertaining grandchildren, the retirement tips you should follow will not be the same as the retirement tips for someone who wants to liquidate everything and retire to a small condo in a sunny retirement community. When you reach your 50s, you can also take advantage government-approved "catch up" contributions to the annual maximum on your 401k and IRA accounts. A certified financial planner can help you find retirement tips like these to secure a comfortable financial future.

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