How to Build Wealth: The Power of Time

At 25 years, a stack of zero coins. At 35 years, a stack of 5 coins. At 40 years, a stack of 37 coins.

Compounding is a powerhouse tool when it comes to building wealth. When you put money into an investment account, you earn a varied rate of return on the balance. If you leave your money in the account, it can grow. An RCB Bank wealth advisor can help you plan a savings strategy built for your individual lifestyle goals and needs.

Example #1: College Savings

The Jones and Smith families each have a baby and start saving $150 per month for their child’s college education. The Smith’s use an investment account to build more wealth.

With no annual return, the Jones' had $10,800 after six years, $21,600 after twelve years, and $32,400 after eighteen years with a kid going off to college. With a 6% annual return, the Smiths had $12,960 after six years, $31,344 after twelve years, and $57,422 after eighteen years with a kid going off to college.

Example #2: Retirement Savings

Kyle Jones and Kelly Smith put $400 per month into their retirement accounts and earn the same rate of return. Kelly started saving at age 25 while Kyle waited until he was 35 to start.

Connect with an RCB Bank Trust Wealth Advisor in your area.

When it comes to investing, there are risks. Consult a financial advisor before beginning any investment plan. Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. The monthly interest calculation expressed above is not for any specific account type and is meant for generic illustration purposes only. Investment products are not insured by the FDIC. Not a deposit or other obligation of, or guaranteed by the depository institution. Subject to investment risks, including possible loss of the principal amount invested. Wealth advisors do not provide tax, legal or accounting advice. Seek advice of professional tax consultant.
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4 Ways to Boost the Profit of your Tax Refund

This year, choose to stash your cash for your future self with one of these investment tools.

Your tax return is a powerful tool to boost your financial well-being. This year, choose to stash your cash for your future self with one of these investment tools.

529 Education Savings Plan

Whether you are going back to school or saving for your kids, a 529 Education Savings Plan is a great way to invest your tax return.
Even grandparents and guardians can start a plan and give their loved ones the gift of reduced education costs. Not only is the investment growth tax deferred, both Kansas and Oklahoma offer tax breaks on contributions.

401(k) Plan

If your workplace offers a 401(k) plan, you should contribute regularly. If they match your contributions, invest at least up to the maximum match amount. Don’t pass up free money for your retirement savings. You can also contribute significantly more money to a 401(k) per year than with a traditional or Roth IRA. For instance, in 2020, the 401(k) contributions increased to $19,500 per year if you are under 50 and $26,000 if you are over 50.

Traditional IRA

A traditional Individual Retirement Account (IRA) offers similar tax-deferred advantages as workplace plan. Your contributions are often pre-tax dollars and may be tax deductible. Another advantage is tax free growth. This means once you put the money in the account, your earnings will not be taxed until you withdraw money in retirement. There are certain minimum distribution requirements, meaning you have to start taking money out starting at 72 or there are penalties.Traditional IRAs currently have $5,000 and $6,000 limits respectively.

Roth IRA

This is one of the most powerful retirement savings tools because your money can grow tax free. You will pay taxes when you put money into your account, but your earnings and withdrawals are tax free, as long as certain requirements are met. There are also certain conditions in which you can pull money out of your IRA and avoid the 10% early withdrawal penalty. This includes if you withdraw money because of a disability, are a first-time home buyer or if the withdrawal is made by a beneficiary after your death. Another perk is you are not required to take minimum distributions from your Roth IRA during your lifetime, as you are with a traditional IRA. This makes a Roth a powerful legacy investment.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Investment products are not insured by the FDIC. Not a deposit or other obligation of, or guaranteed by the depository institution. Subject to investment risks, including possible loss of the principal amount invested. Wealth advisors do not provide tax, legal or accounting advice. Seek advice of professional tax consultant.

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A Balanced Approach to Funding Your Retirement

Use multiple funding sources to build a sturdier retirement savings plan.

Imagine your retirement fund as the seat of a stool. Its stability depends on the construction of the legs. Put all the weight on one leg of the stool and you risk a wobbly future. Instead, use multiple funding sources to build a sturdier retirement savings plan. Depending on your desired lifestyle, we suggest saving between 10-20% of your salary to fund your retirement. Use this balanced approach to diversify savings.

First Leg: Employer Plan

If your employer retirement plan offers a match, fund this account up to the full match if not more. If your employer does not offer a match, you will want to contribute more money toward this account.

Second Leg: Social Security

Social Security benefits can vary drastically depending on how long you work, the amount you earn during your highest earning years and when you elect to claim your benefits. The generation retiring now is receiving about 35-40% of their former salary in the form of Social Security benefits.

Third Leg: Personal Savings

This may include savings accounts, IRAs, CDs, investment accounts and your home’s equity. While it is possible to build a solid three-legged stool, you may want to reinforce your retirement fund with a fourth leg.

Fourth Leg: Retirement Income

Income may be in the form of a rental property, part-time job or small home-based business. However you go about it, you have to sit on your retirement stool, so make it is sturdy enough to hold you during your retirement years. Find a wealth advisor you trust to help you plan a retirement savings strategy built for your individual lifestyle goals and needs.

Save now. Save often. Your future self will thank you.

We offer free portfolio reviews at no cost, no obligation. We’d be happy to take a look at your current portfolio and offer a second opinion to ensure you’re getting the most out of your investments.

Connect with an RCB Bank Trust Wealth Advisor in your area.

Invest in your retirement. RCBbank.com/GetFit

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Investment products are not insured by FDIC or any government agency, Not a bank guarantee, Not a deposit, Subject to risk and may lose value.

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Retirement Planning Life Stages

No matter what stage of life you are in, your current and future financial well-being should ALWAYS be in your plans. Taking full advantage of your workplace retirement savings options plus utilizing the help of a professional wealth advisor can help you build enough resources to enjoy the retirement lifestyle you want.

Baby Boomers: Born 1946-1964

You are at or nearing retirement age. Boomers are breaking boundaries and re-defining retirement for the generations to follow.

  • Have you accumulated enough assets to comfortably supplement Social Security?
  • Do you know how long those assets might last?
  • Are you confident you are managing your investments to preserve what you’ve built?

Generation X: Born 1965-1980

You have limited time left to accumulate sufficient assets for retirement. The temptation to raid your retirement savings to help fund your children’s college or to provide care for aging parents may be very real for you.

  • Do you understand the costs of this decision?
  • Do you need help prioritizing your financial obligations?
  • Are you saving enough now to generate the income you will need for 20-35 years of life in retirement?

Generation Y: Born 1981-1996

Retirement seems far away and may not be on your radar. Statistically, your generation saves better than the one before. But, your mobility often causes small repeated cash-outs from retirement accounts as you move from job to job, leaving little savings as the years go by.

  • Time is on your side if you take advantage of it now.
  • Aim to save a minimum of 10% (including your employer’s contribution, if available, and any IRA’s or other plans).
  • Provide for your future self by including retirement savings in your current budget.

Generation Z: Born 1997-Present

You may not have the obligations of a mortgage or children. This puts you in a prime position to build your retirement nest egg.

  • The sooner you start saving, the longer your money has a chance to grow with compounding interest.
  • Aim to put at least 5% away for retirement.
  • Don’t be tempted to cash out your retirement account if you switch jobs.
  • Make retirement savings a necessary expense in your budget.

Investment products not insured by the FDIC. Not a deposit or other obligation of, or guaranteed by the depository institution. Subject to investment risks, including possible loss of principal amount invested. The information provided is for educational purposes only and does not constitute tax, investment or legal advice. Consult a professional wealth advisor to discuss your individual retirement savings needs.

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50-Year Old’s Guide To Planning Your Retirement Income Strategy

Time to consider your retirement income strategy

As you enter your 50s, it’s time to look at your assets and start planning your retirement income strategy.

You still have time to accumulate wealth, but now is a good time to review your portfolio.

Begin building realistic expectations for retirement, such as how much you should withdraw from your account each year to provide adequate funds to cover you throughout your retirement years.

4% rule is a starting idea.

The 4% rule helps determine what you can really withdraw from your account safely so not to run out of money during retirement. This is a balancing act between the income lifestyle you desire and the fund stability you need.

At RCB Bank, we use a software tool to calculate projections and help clients with their retirement income strategies. By inserting a starting retirement age and predicted life span, we can see projections on safe withdrawal amounts that won’t drain the account too early in your retirement.

As you withdraw money, you want your remaining balance to continue to compound interest at a level that sustains your wealth throughout your lifetime.

The 4% idea is that you can build a balanced asset allocation appropriate all the way through retirement that will achieve more than a 4% return. Thus as assets grow, the income can also grow to keep up with inflation.

Nothing in life is a guarantee.

The 4% idea is a projection, not a guarantee for your retirement income strategy. There are a multitude of factors that may impact your account balance principal, which directly impacts the compound interest you depend on for sustainability.

You cannot do retirement income planning one time.

It is an ongoing, possibly annual, process of updating and adjusting to ensure you are covered throughout your retirement years.

Right now save, save, save!

You still have time to save for retirement. Take advantage of special catch-up IRA contributions for ages 50 and up.

2019 401(k) contribution limit – $25,000 for 50+;
$19,000 for 49-.

2019 Traditional and Roth contribution limit – $7,000 for 50+;
$6,000 for 49-.

Talk to a financial advisor.

A wealth advisor can look at your current financial situation and walk you through different retirement options based on your goals, investments, risk tolerance and time horizon. Don’t wait much later to start planning your retirement income strategy, and know that you still have time to accumulate wealth with disciplined savings.

RCB Bank Trust offers free portfolio reviews at no cost, no obligation. We’d be happy to take a look at your current portfolio and offer a second opinion to ensure you’re getting the most out of your investments.

Connect with an RCB Bank Trust Wealth Advisor in your area.

Invest in your future self. RCBbank.com/GetFit

 

This article is published in Value News, June 2019 Issue, valuenews.com.

Investment products are not insured by the FDIC. Not a deposit or other obligation of, or guaranteed by the depository institution. Subject to investment risks, including possible loss of the principal amount invested. Ask for details. Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only.

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40-Year Old’s Guide to Catching Up Retirement Savings

Chairs on a beach.

Many Americans do not have adequate savings to cover them through their retirement years.

Federal Reserve 2017 Report on the Economic Well-Being of U.S. Households

You’ve heard the advice to start saving for retirement in your 20s to reap the most benefits. That’s all well and good if you’re 20. What about if you’re 40? Can you catch up?

With 20 years ahead of you before retirement, yes, time is still on your side to build up your savings.
It’s crucial to plan a retirement income savings strategy that will provide adequate funds to cover you throughout your retirement years. You need to consider:

  • Age you plan to retire
  • Retirement goals
  • Living expenses
  • Expected life span

Talk to a financial professional you trust. They can walk you through realistic expectations, taking your savings time horizon, risk tolerance and retirement goals into consideration.

Crank up the Savings

Good news is you’re likely making more money than before. It is time to put away as much as you can into your retirement savings accounts.

  • Increase 401(k) contributions to 10-15%.
  • Max out Roth IRA contributions.
  • Cut expenses where you can to save more.

Balance your debt.

Bad news is you are likely facing more debt than before with a mortgage, multiple car payments, student loans (for you or your kids) and possibly your parent’s care. The trick during your prime accumulation years is to save as much as you can while not taking on too much debt.

  • Always pay yourself first.
  • Pay down your debt second.
  • Sparingly splurge last (minimize debt).

Create a plan.

People live longer. You need a savings strategy that focuses on sustainable income – continued growth – so you do not outlive your money.

  • Select a diversified portfolio of stocks & bonds.
  • Focus on growth that will outpace inflation.
  • Plan realistic expectations for retirement.

We offer free portfolio reviews at no cost, no obligation. We’d be happy to take a look at your current portfolio and offer a second opinion to ensure you’re getting the most out of your investments.

Connect with an RCB Bank Trust Wealth Advisor in your area.

Invest in your retirement. RCBbank.com/GetFit

 

This article is published in Value News, March  2019 Issue, valuenews.com.
Investment products are Not insured by the FDIC or any government agency, Not a deposit, Not a bank guarantee, subject to risks and may lose value.
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Are We There Yet?

February 2019 Trust and Investments Market Review

Many parents can appreciate the all-too-familiar question “Are we there yet?” We can all picture the children packed in the back seat of the family minivan, anxious to arrive at their destination. Parents, despite their best efforts to placate children with promises of sweets and presents, often fail to stop the barrage of questions. Perhaps this vignette illustrates attitudes of modern day investors. “Are we there yet?” is similar to the way in which some investors question when the markets will return to “normal.” This phrase can describe the sentiment of investors looking for a reason to change their goal, measure their success, or just simply time the markets. This Market Brief doesn’t exactly answer the question, but instead seeks to reframe it more constructively.

EQUITY MARKETS

When the stock market declines 15% to 20% over a short period of time, worried investors may lament “When will things get back to normal?” just as the child asks “Are we there yet?” Very concerned investors might even sell stocks if they can’t stomach this risk. Historical average annualized U.S. equity market returns are between 10% to 12%. The typical range of returns around this average is about 15% on either side as measured by the variance of annual returns. With return expectations of between 10% to 12% in line with historical data, a typical investor might not worry when markets are down 10%, but become very worried when the decline approaches 20%.

Investors might acknowledge that losses of 15% to 20% are possible, but it’s different when they actually see it on monthly statements. To us, this thought exercise might help contextualize investors’ yearning for markets to get “back to normal.” The top left chart on page three shows the path of the S&P 500 since January 1, 2018. The pullback in late January and early February was so short lived that some investors may not have had time to react. In fact, their absence of worry was rewarded by new all-time highs achieved from August through October. However, as the drawdown from the October highs through year end approached 20%, investor reaction was meaningfully negative as measured by data including net equity fund outflows. Though the rally off the December lows has cut the loss in half, investor sentiment may remain poor until stocks recover and then surpass the October all-time highs.

Read our latest Market Review.

RCB Bank Trust offers free portfolio reviews at no cost, no obligation. We’d be happy to take a look at your current portfolio and offer a second opinion to ensure you’re getting the most out of your investments.

Connect with an RCB Bank Trust Wealth Advisor in your area.

Investment products are Not insured by the FDIC or any government agency, Not a deposit, Not a bank guarantee, subject to risks and may lose value. Market Review is published by MainStreet Advisors of Chicago, an investment sub-advisor partner.
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Sustainable. Responsible. Investing.

Get$Fit: Invest in the future you want.

Hand holds sustainable world

There is a growing trend in investing — sustainable, responsible and impact investing (SRI)— that blends personal values and principles with investment choices.

Aligning investments with values.

Sustainable investors consciously choose to invest in companies that contribute to advancements in environmental, social and corporate governance (ESG) practices, e.g., clean tech, labor and human rights, anti-corruption policies.

Sustainable investing has grown 33 percent in the U.S. since 2014. That equates to $8.72 trillion. SRI now accounts for more than one out of every five dollars under professional management, according to the latest SRI trends report, published by The Forum for Sustainable and Responsible Investment Foundation (US SIF).

Sustainable investing performs in line with traditional investing.

Research also reveals a positive correlation between SRI strategies and corporate financial performance. A 2017 study conducted by Nuveen TIAA Investments found that investing in SRI strategies did not lead to a decrease in performance or an increase in risk.

The MSCI KLD 400 Social Index, one of the first socially responsible investing indexes, has performed right in line with the S&P 500.

In fact, during the February 2018 market downturn, SRI funds actually outperformed the broad market, according to Morningstar investment research company.

Wondering what impact your investments are making?

Ask your financial advisor for a portfolio review to see if your current investments include SRI companies.

Learn more about SRI at ussif.org, or speak with a financial advisor.

We offer free portfolio reviews at no cost, no obligation. We’d be happy to take a look at your current portfolio and offer a second opinion to ensure you’re getting the most out of your investments.

Connect with an RCB Bank Trust Wealth Advisor in your area.

Invest in your values. RCBbank.com/GetFit

Investment products are Not insured by the FDIC or any government agency, Not a deposit, Not a bank guarantee, subject to risks and may lose value.
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Bucket Approach to Investing

Bucket with money in it

Investing is a tool for building wealth.

Legendary investor Warren Buffett defines investing as “… the process of laying out money now to receive more money in the future.”

The key to successful investing is setting clear-cut goals. Know what you want, the cost to get it and how long you have to save.

We all have different comfort levels when it comes to investing our money. We call this risk tolerance. The concept of risk tolerance refers not only to your level of comfort in taking a risk, but also your financial ability to endure the consequences of loss.

Therefore, when it comes to investing, there is no one- size-fits-all strategy.  When I talk about investing with my clients, I like to use a bucket visualization. Imagine investing as three buckets.

Everyone needs to begin with a foundation – bucket one. This is your readily available cash, including your savings, emergency fund and short-term investments.

Once you have bucket one filled, you are ready to toss money into buckets two and three, your mid-term and long-term goals. The amount you invest in each bucket varies by your time horizon and risk tolerance. Bucket two consists of low-risk investments while bucket three is long-term, higher growth risk investments.

As with any plan, it is important to monitor your portfolio to ensure you stay on track with your goals.

If you plan to work with a financial advisor, make sure they are working for you with your best interest in mind. It’s important that you have an open line of communication with your advisor.

I am here to help answer questions you may have about investing even if you are not an RCB Bank customer. Feel free to call me at 918.342.7100 or email mwood@bankrcb.net.

At RCB Bank Trust, we offer professional recommendations at no cost, no obligation.

We provide a conservative approach to growing and preserving wealth tailored to your individual financial needs. Call one of our wealth advisors today and request your free review.

We offer free portfolio reviews at no cost, no obligation. We’d be happy to take a look at your current portfolio and offer a second opinion to ensure you’re getting the most out of your investments. Connect with a wealth advisor in your area.

The bucket concept was originally created by planning guru Harold Evensky. It is one of many approaches to investing.
Investment products are not a deposit. Not insured by the FDIC or any federal government agency. Not guaranteed by the Bank. Subject to risk and may go down in value.
Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Investment products are not insured by the FDIC. Not a deposit or other obligation of, or guaranteed by the depository institution. Subject to investment risks, including possible loss of the principal amount invested. Ask for details.
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How to React to Stock Market Swings

From the opinion of a long-term investor

Business men looking at stock

Recent news about dramatic declines in the Dow Jones have been front and center lately.  While the “Dow” is often first quoted on the news, it is not a particularly good representation of the U.S. stock market.  It is just an index of 30 companies. Also, it is price-weighted, which means the companies with the highest stock price carry the most weight. The five companies that currently carry the greatest weight in the Dow are Boeing, Goldman Sachs, 3M, United Health Group, and Home Depot. However, none of these companies crack the top ten when looking at the largest companies in the U.S. by market capitalization.

Alternatively, the S&P 500 is an index of about 500 companies, making it a much broader barometer of the U.S. stock market.  Moreover, it is market-weighted, so the largest companies by market capitalization carry the greatest weight.

Headline vs. Reality

Headline: On February 5, 2018, the Dow experienced the largest point drop in history.

Reality: On February 5, 2018, the S&P 500 declined 4.10 percent, which ranks as only the 39th worst in the last 40 years.

Why has the stock market declined?

Believe it or not, the recent declines were prompted by good news.

January payroll reports show 200,000 workers were added to U.S. payrolls and, more importantly, average hourly wages increased 2.9 percent from January 2017. This was the highest level of year-over-year wage growth since June 2009. In anticipation of a strong jobs report and a pick-up in wage inflation, bond markets drove yields on the benchmark 10-Year U.S. Treasury bond sharply higher from a closing level of 2.63 percent on Thursday, January 25 to an intraday high of 2.88 percent on Monday, February 6. This sudden rise in market interest rates spooked equity investors in several ways. It could indicate both a faster pace of Fed rate hikes to keep up with inflation and an increase in borrowing costs for U.S. corporations.

What should I do about it?

I don’t get emotional about stock market swings.  Stock market swings are sometimes irrational.  Look to the fundamentals instead.  In my view, nothing has really changed in the last week from a fundamental or economic perspective. We believe the cyclical backdrop for stocks remains positive given synchronized global growth, rising corporate profits and relatively easy monetary conditions compared to history in the U.S. and abroad.

At RCB Bank Trust, we are conservative, long-term investors. 

We don’t try to time the market and we don’t overreact to headlines and short-term volatility. That being said, this is a great time to gut-check your risk tolerance and make sure your asset allocation is right.

We offer free portfolio reviews at no cost, no obligation. We’d be happy to take a look at your current portfolio and offer a second opinion to ensure you’re getting the most out of your investments. Connect with a wealth advisor in your area.

Investment products are not a deposit. Not insured by the FDIC or any federal government agency. Not guaranteed by the Bank. Subject to risk and may go down in value.
Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. This information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Investments mentioned may not be suitable for all investors. The material is general in nature. Past performance may not be indicative of future results.
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Without Risk There is No Reward

knob showing risk and return

When it comes to investing, a person’s risk tolerance is an important factor in determining how their portfolio should be allocated.

I use a questionnaire to help me understand a person’s tolerance for risk. I use this information, along with other criteria, to recommend investments and the overall makeup of a portfolio.

What is risk tolerance?

Risk tolerance is an investment term that refers to your ability to endure market volatility. All investments come with some level of risk, and if you’re planning to invest your money, it’s important to be aware of how much volatility you can endure.

When gauging your tolerance for risk, consider the following factors:

Personality: Are you able to sleep at night knowing that you’ve put a portion of your hard-earned dollars at risk in a particular investment? Remember, it might be easy to tolerate a high-risk investment while it is generating double-digit returns, but consider whether you’ll feel the same way if the market takes a downward turn with your investment leading the way. It’s best to invest at a level of volatility that you are comfortable with.

Time horizon: The sooner you may need to use your investment dollars, the lower your risk tolerance. For example, for money you plan to use to make a down payment on a house in 2 years, your risk tolerance is lower than if you’re investing for retirement in 20 years. If you can keep your money invested for a long period of time, you may be able to ride out any downturns in the market (though time alone is no guarantee of higher returns).

Capacity for risk: How much can you afford to lose? Your capacity for risk depends on your financial position (i.e., your assets, income and expenses). In general, the more resources or assets you have to fall back on, the higher your risk tolerance.

We offer free portfolio reviews at no cost, no obligation. We’d be happy to take a look at your current portfolio and offer a second opinion to ensure you’re getting the most out of your investments. Connect with a wealth advisor in your area.

Investment products are not insured by the FDIC. Not a deposit or other obligation of, or guaranteed by the depository institution. Subject to investment risks, including possible loss of the principal amount invested. Ask for details.
Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. This information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Investments mentioned may not be suitable for all investors. The material is general in nature. Past performance may not be indicative of future results.
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Are you Financially Prepared to Live Longer?

man giving woman piggyback ride
By Nate Haberman, AAMS®, Financial Advisor

 

By the year 2040, it is projected that 14.6 million Americans will be 85 years old or older. This is triple in population from 6.5 million in 2014, according to the Administration of Aging¹.

Are you prepared financially to live longer? If you’re age 20 or older, retirement planning should be one of your top priorities. Not sure where to begin? I asked Nate Haberman, AAMS® Financial Advisor at RCB Wealth Management to share a few tips.

Figure out your retirement income needs.

Use your current expenses as a starting point. Don’t forget to factor in items like travel, new vehicles and healthcare expenses.

“A financial plan does not have to be complicated,” Haberman said. “Its purpose is to help you get from where you are to where you want to go, as well as improve the odds that you won’t outlive your money in retirement.”

Invest in your employer-sponsored retirement plan or an individual retirement account.2

Start now.

“It can be hard to plan for retirement when you are living paycheck to paycheck,” said Haberman. “But, a small amount is better than no amount. Setting aside a little bit each month will add up in the long run, especially if your employer matches a percentage of your contributions.”

Build an emergency fund.

Prepare for the unexpected and avoid tapping into your retirement savings.

“At one time or another, an expense will come up that you didn’t plan for – car repair or hospital visit,” said Haberman. “An emergency fund is there to help manage the financial risks of unforeseen expenses and potentially lessen some stress. Plus, early withdrawals from retirement accounts often have tax penalties assessed to them.”

Revise your plan along the way.

Life happens. Plan, prepare, review and adjust regularly in order to stay on track of your goals.

“A professional advisor can assist you through realistic expectations in your planning, while taking into consideration items like the age you plan to retire, inflation and taxes,” said Haberman. “A professional can walk you through all the available tools so you can better understand your options.”

While having a plan doesn’t guarantee a successful retirement, it may help you alleviate possible hardships, and allow you to live the life you want during your golden years.

Source:
1U.S. Department of Health and Human Services Administration for Community Living. Administration of Aging Profile of Older Americans: 2015. Retrieved from http://www.aoa.acl.gov/aging_statistics/Profile/2015/2.aspx
2Investing involves risk, including the possible loss of principal and there can be no assurance that any investment strategy will be successful. Before investing, carefully consider the risks, charges and expenses of the investment.
Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. This information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Investments mentioned may not be suitable for all investors. The material is general in nature. Past performance may not be indicative of future results.
Investment products are not insured by the FDIC. Not a deposit or other obligation of, or guaranteed by the depository institution. Subject to investment risks, including possible loss of the principal amount invested. Ask for details.
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