Invest for Retirement: a Time Relatedc Tip
This article will discuss strategies to ensure your investments see you through your retirement, tailored to your age group. This is only a guide, and you should consult your financial manager prior to undertaking any large investments.
In today's uncertain economic environment, many people are worried about their future. When people are scared for their jobs they tend to scorn investing. But the economic crisis is the main reason I think people should be investing for their future. If not your investments, what will pay you through retirement?
Unfortunately, we can no longer depend upon Social Security to carry us through our golden years. More and more, governments are pushing the onus of caring for themselves through old age back onto the people. This burden opens opportunities for the savvy consumer though. Through smart investing and discipline you can lead a life of luxury instead of merely surviving your old age.
It is a common myth that investing requires a large amount of capital initially, don't believe this. With some careful planning anyone, regardless of income or expenses, can begin saving for comfort in their golden years.
You can read the whole article to see all of the options available to you, or you can skip to the section that deals directly with your stage of life.
20s: Discipline early in life, will serve you throughout life. Do not allow yourself to become buried under debt. Yours is the least painful position to be in. Your best course of action will be to pay down debt and make use of employer contributions to a 401k fund. You should also look into an IRA - your back can help you to set it up so that funds are automatically withdrawn so that you don't miss your money.
If you are 30 - 40: Those of you in this group are probably becoming more financially stable. It is time for you to re-assess your savings. If you have already been contributing to a 401k, consider increasing your payments. You will see surprising results with an increase as small as 1%. By increasing payments slowly, you won't even miss the money. IRAs are a good idea, in your 30s too, since there is a lot of time before retirement to allow funds to grow. You should also be looking to the stock market. Now is the time to be bold with your money. Even if the market turns on you, you'll have time to rebuild yourself.
40s: You still have time to build that nest egg, so don't worry. Max out your IRA and 401k contributions. Look through your portfolio and make sure you do not have too much money invested in any one place. The idea now is to begin decreasing your risk, while earning as much as possible. Consider selling some of your stock holdings and invest in bonds.
Over 50: Seek the assistance of a financial planner. They have experience and knowledge that will help you to reach your goals. Find out exactly what you are entitled to through the government and past/current employers. And be honest when assessing your financial picture. You may have to delay retirement, or look for other work if things aren't as you would like them. - 23212
In today's uncertain economic environment, many people are worried about their future. When people are scared for their jobs they tend to scorn investing. But the economic crisis is the main reason I think people should be investing for their future. If not your investments, what will pay you through retirement?
Unfortunately, we can no longer depend upon Social Security to carry us through our golden years. More and more, governments are pushing the onus of caring for themselves through old age back onto the people. This burden opens opportunities for the savvy consumer though. Through smart investing and discipline you can lead a life of luxury instead of merely surviving your old age.
It is a common myth that investing requires a large amount of capital initially, don't believe this. With some careful planning anyone, regardless of income or expenses, can begin saving for comfort in their golden years.
You can read the whole article to see all of the options available to you, or you can skip to the section that deals directly with your stage of life.
20s: Discipline early in life, will serve you throughout life. Do not allow yourself to become buried under debt. Yours is the least painful position to be in. Your best course of action will be to pay down debt and make use of employer contributions to a 401k fund. You should also look into an IRA - your back can help you to set it up so that funds are automatically withdrawn so that you don't miss your money.
If you are 30 - 40: Those of you in this group are probably becoming more financially stable. It is time for you to re-assess your savings. If you have already been contributing to a 401k, consider increasing your payments. You will see surprising results with an increase as small as 1%. By increasing payments slowly, you won't even miss the money. IRAs are a good idea, in your 30s too, since there is a lot of time before retirement to allow funds to grow. You should also be looking to the stock market. Now is the time to be bold with your money. Even if the market turns on you, you'll have time to rebuild yourself.
40s: You still have time to build that nest egg, so don't worry. Max out your IRA and 401k contributions. Look through your portfolio and make sure you do not have too much money invested in any one place. The idea now is to begin decreasing your risk, while earning as much as possible. Consider selling some of your stock holdings and invest in bonds.
Over 50: Seek the assistance of a financial planner. They have experience and knowledge that will help you to reach your goals. Find out exactly what you are entitled to through the government and past/current employers. And be honest when assessing your financial picture. You may have to delay retirement, or look for other work if things aren't as you would like them. - 23212
About the Author:
There are a several available programs like the hope for home owner program encouraged by congress. Much like a first time home buyer it is set to help the home buying process.
posted by X - Men @ 2:29 AM
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