Do you have enough money stashed away? Could you live comfortably well into your hundreds? American life expectancy continues to increase, and with that comes even more demand for long-term retirement planning. After all, the days of pensions are ending, and more and more Americans find they need to supplement their funds beyond Social Security. Lifetime income is the concept that no matter how old you get, you can trust that you’ll have money. How, though, do you keep up with your current bills and look that far into the future? Start making decisions now about where you want to be and what you want to do. Then, seek professional help from a financial group.
Locate a company that cares and will see you in their office. In the world of finance, you may often feel like you are viewed as a number. That shouldn’t be enough. You are important, and so are your dreams. For this reason, find a firm that shows interest not just in your portfolio, but in you. Goldstone Financial Group, for example, is client-centric. Their advisers take the time to sit down one-on-one with people, asking about long-term goals. Do you want to travel? Can you afford to live on your own? Do you have health issues that may need additional funding? All of this information and more is needed in order to select the appropriate investment techniques. It’s not enough to grow your investment. The decisions made need to fit how you want to live.
Understand the language of finance. As you sit in the office, discussing choices, you’ll hear many terms. Don’t feel overwhelmed by the technical jargon. With a bit of research, enjoy a thorough discussion and rest confident that you know the material. Chances are you’ll discuss annuities, as this is often used for long-term funds. This is a contract between you and a company that acts similar to the old pension plans (only you fund it yourself). You, the client, pay premiums on the annuity. Then, when it matures, the company sends you fixed payments for the duration of your life. Keep in mind a few things: read through policies carefully, check on tax information and know the number of payments available each year. In addition, find out if the annuity is transferable upon death.
The reality is that saving for the future requires you to put aside money now. That means budget evaluation and making some hard decisions. Keep in mind that the earlier you start putting money to the side, the more you may accrue over time. With that said, look over your finances. Allow the adviser to see your tax returns, bank statements and credit card debt. Listen to any advice provided and make choices. How much you can afford to deposit in the retirement plan each month? Do you need to downsize in order to have enough down the road? Can you change your spending habits? Consider all of this as you finalize your policy.
Don’t let retirement sneak up on you. With some thoughts now, you might be able to enjoy your time off. Save now so that in your golden years you might stress less, and relax more.