How to Ensure Financial Security
The last thing you want is to have uncontrollable circumstances throw your financial futures out of whack. With the help of a retirement income advisor in 10601, you can achieve financial security by making the right investments and creating a personalized financial plan.
What You Can Do to Achieve Financial Security
It’s best to start saving for retirement when you’re still in your 20s or 30s. Although retirement may seem so far away at this point and the opportunities for spending your money are countless, making a plan for your life and saving for it is a must. To get started, try to spend in moderation and save about 15% to 20% of your monthly salary.
You’ll do well if you avoid borrowing from credit cards to finance your lifestyle. This can negatively affect your ability to invest and save. You won’t be setting yourself up for financial security if you incur unnecessary debt.
Stick to Your Savings Plan
By the time you hit your 40s or 50s, you have to make sure that you stay on course even if you decided to change the financial goals you set back when you were younger. Never allow your emotions to influence your financial decisions by giving in to shiny investments.
Prepare for Medical and Long-term Care Expenses
Since medical and long-term care becomes an inevitable part of your financial picture, it’s extremely important to budget for these expenses when you’re in your 60s, 70s, and beyond. If you fail to make the necessary preparations at this point, you might as well brace yourself for financial ruin.
Remember that Medicare doesn’t come free, and it won’t cover your expenses for long-term care in assisted living facilities and nursing homes. According to the United States Department of Health and Human Services, about 70% of people who are turning 65 years will eventually require a specific type of long-term care as they get older. For this reason, it would be wise to continue to work so that you can still manage to bring in some salary and guard your finances.
Looking for a Retirement Income Advisor 10601?
At 1879 Advisors, we understand that retirement planning can be stressful. We’re here to help you make smart investment decisions and ensure financial security. Schedule an appointment with our team today.