Portfolio rebalancing, how to budget your money, what’s an HSA and who needs one? Preparing for retirement is hard. From personal finance basics to retirement planning and everything in between, we’ve got a few ideas to make life a little simpler. Contact MCF with any questions.
With expanding life spans and increasing retirement costs, it will require serious retirement planning to ensure that your income will last a lifetime. Here are the four essential elements of a sound retirement plan:
This is an introduction to some of the more common investing terms that you may encounter and a brief definition of each:
Although not a pleasant topic, it is an important one – Who is the named beneficiary of your retirement account should you pass away? When you enrolled in your retirement plan, you were asked to select a beneficiary to receive your retirement plan assets in the event of your death. This step may be more important than you think, and it is imperative that you keep this information up to date.
Deciding how to invest your retirement plan savings can be challenging and intimidating. Doing it in the best way requires understanding different investments and strategies, as well as having the time to track performance and make changes.
Typically, younger people don’t make retirement savings a priority. Living expenses, student debt, rent or house payments, and other day-to-day expenses mean that retirement savings take a back seat.
Preparing for retirement can be daunting, but it doesn’t have to be stressful. Whether you are years away from retirement or right around the corner, the best thing you can do for yourself is to be prepared! Your future self will thank you. Research has shown that starting to prepare for this milestone at least 5 years out leads to a much happier retirement.