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Financial Experts Reveal Retirement Planning Secrets
The word "retirement" means different things to different people. It can be a point in
life when a person quits his mainstream career and opts for a less-intensive or just
stops working for a living altogether. Post-retirement can be very crucial if not
planned and managed smartly. Speaking with a certified financial planner dc can
help to a great extent, but you yourself can also follow some simple steps to make
your life after retirement happy and bright:
1. Plan out everything
It is recommended by the Department of Labor that individuals calculate their net
worth by subtracting their assets from their debts. The amount you need for post-
retirement is indicated by this figure. If your net worth is a negative value, speak to a
financial planner who will help you get back into the positive figures. Make a budget
for your recurring expenses. Your budget should be such designed that it takes care of
your expenses and your debts simultaneously.
2. Develop a saving mindset
Saving for retirement while you are still young might not be your priority. This is
where having a saving mindset comes into work. Compound interest is one example
where you can reap the benefit of saving post retirement.
3. Consider investing in a retirement plan
Even though pension plans are obsolete, schemes such as a 401k and IRA are still
relevant. Both of these retirement plans have their advantages and disadvantages and
ranges from mid-sized to Large companies. Individuals who are self employed or
belong to local businesses can take advantage of retirement plans too.
4. Diversify
It is important not to allocate all your funds to just one asset. Individuals who put all
their eggs in one basket are more susceptible to market sinks. Financial experts
recommend diversifying your investments into various schemes such as bonds, real
estate, telecommunications, and stocks.
5. Consider an IRA
Even though most people prefer a 401k, an IRA is more suitable for the long term. A
401k is great since taxes are taken against it after maturity. Although an IRA limits
your ability to investment, it is still a good option in the long run.

6. Pay down your Mortgage
Paying off your mortgage before retiring is a bonus. It's like planning a bonus for
your After- Retirement. A second mortgage should be avoided unless absolutely
required.
7. Avoid Investment Fees
Reduce investment fees as much as possible. A fake fee structure should be avoided.
Select your advisor after careful consideration, since some advisors only charge on an
annual basis, typically 1% of the portfolio's value. This means that the advisor has
vested interest in looking after your assets.
8. Work as long as you can
Retirement is seriously NOT THE END of your career. You always have the option of
postponing or extending your retirement, if you can work efficiently. You can still
explore other work options such as freelancing, after you retire. This way you still
have a scope for your portfolio to grow.
9. Smart budget making
What would you like to do after retirement?. Retirement is not the boring phase of
your life. Proper planning will affect how you spend money post retirement. You can
retire by clinging to your budget and working.
10. Plan for your health
Do not forget to invest in a long term health program. You will reap the benefits of a
health program post retirement. Be very careful of what you purchase though. Make
sure that the program meets your needs and does not contain hidden clauses.
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