Tag Archives: retirement
As a financial professional I work with people newly retired, nearing retirement, or hoping to one day retire accumulate assets, preserve assets, and protect assets. It’s a job involving comprehensive financial planning, asset management, and budgeting. All of the parts have to work together to make sure someone doesn’t outlive their money, among other things. But all this planning can be brought to a screeching halt for one reason:
Now, anyone can call himself a financial planner. There are actually no laws governing who can use the term and refer to himself as a financial planner. That is a problem; and one that every person seeking quality financial help needs to remember when interviewing people to be their financial planner.
When I speak of a financial planner, I’m not talking about the insurance guy that says he offers “financial services,” or the local financial adviser that got his CFP (Certified Financial Planner) designation and suddenly offers “financial planning services.” Genuine financial planning is a comprehensive service that will entail every aspect of your finances both now and into the future.
What if I told you there is one very simple, yet powerful tool you can begin using today to make a significant impact in your family’s financial future? Would you be interested in learning more?
The reality is that a majority of Americans are in financial trouble. Everything from student loans to credit card debt is keeping Americans from reaching their financial goals. And, for some, it is keeping them from even saving money on a regular basis. A recent survey found that 33% of Americans have no savings at all, making them prey for financial shock.
It’s not surprising to me that at the top of the list of ways to ruin your retirement is to have too much debt. And, unfortunately, I see this a lot. Debt is a burden that will suck the life out of retirement. It will prohibit you from doing the things you really want and keep you awake at night. And, debt will keep you working far longer than you would like.
Other retirement killers include…
Saving for retirement is not a static event. You can’t merely put a dollar amount into a 401k at age 25 and continue for the next 35 years. Retirement saving is an ever-changing event that will depend on your idea of retirement. For those that want a more quiet retirement at home, less might be needed. And for those that want to travel and buy new things regularly, more might be needed.
So you’ve decided you need to get your financial house in order. You see the need to save for emergencies, future purchases, and retirement. Now that you’re ready to take those important steps, you’re wondering where to start and what to do first. With such an important task before you it’s necessary to make sure you do it right.
I suggest starting with a budget. The foundation of any successful financial strategy is a budget. You can’t know how much to save or where to save if you don’t know how much money is coming in and how much is going out each month. A budget is nothing more than a detailed list of your income and your expenses. You can start by simply making a list on a piece of paper showing how much you bring home each month, and how you pay out for things like cable, cell phone, food, gas, and car insurance. It’s a simplified version of a budget, but it’s a great place to start on your journey to financial freedom.
The need for saving money is critical to everyone and yet it seems to be a constant struggle. Few people know about the options available to them for saving money. This is reflected in shocking statistics like 6 out of 10 Americans have less than $25,000 saved for retirement. Every person hopes to retire one day and still so many find it hard to save for that day.
Recent articles have reported that cash reserves are at all-time highs. People are keeping cash in bank accounts and other cash equivalents (CD’s and Money Market accounts) in an effort to be prepared if the economy crashes. While this might make us sleep better right now, it’s not the wisest way to plan for the future. Between taxes and inflation, keeping cash is a safe way to lose money each year. While it is highly advisable to keep some cash liquid for emergencies, keeping the majority of your assets in cash is not a good plan for preparing for, or living in retirement.
For those who are wondering where to start with investing, take a look at this article.
But one area of life that is routinely overlooked is in the area of retirement and investment saving. This area of spending is rarely given any consideration and many of these “faith driven consumers” would be surprised at the unbiblical values being supported by their retirement and investment money.
Investment products like IRA’s, Bonds, and Mutual Funds are often stock-market based. Investors use an individual’s money to invest into a certain company with the hope of seeing a return. This is how many organizations and companies make money – by spending other people’s money. And this is how the investor makes money – by earning interest and dividends. But what you may not know is that the organizations and companies your financial advisor is investing your money into could very well be actively opposing your religious convictions.
What if your IRA is built on supporting abortion and euthanasia?