Retirement Readiness Milestones
Preparing for retirement does not have to be a stressful process. The best thing you can do for yourself is to be prepared! Procrastination will only hurt you in the long run. Research has shown that starting to prepare for this milestone at least 5 years out leads to a much happier retirement.
Estimate how much money you need to retire: Start to develop an accurate picture of how much money you are spending vs. the amount of income you will have each month. Make sure that you include variable costs such as vehicle repair or home improvements. If the number is not close to your current take home pay, start taking steps to close that gap such as increasing your savings or pushing back your retirement age until you are at a more comfortable number.
Investment Diversification: Make sure that you get advice or spend time learning what investments will achieve the rate of return you need at the risk level you are comfortable with. This will increase the odds of your money lasting through your life expectancy.
Increase Cash Reserves: Make sure to set aside extra cash while starting the process of applying for pensions and social security or withdrawals from your retirement plan. It is a good rule to have at least 3-6 months of expenses set aside in the event that not everything moves as quickly as you plan.
Educate yourself: Your financial advisor is an excellent tool to access during this time. Hunter Nighbert can offer guidance or answer any retirement questions.
MCF Advisors, LLC (“MCF”) is an SEC-registered investment adviser. Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by MCF), or any non-investment related content, made reference to directly or indirectly in this presentation will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this presentation serves as the receipt of, or as a substitute for, personalized investment advice from MCF. To the extent that a reader has any questions regarding the applicability of any specific issue discussed herein to his/her/its individual situation, he/she/it is encouraged to consult with the professional advisor of his/her/its choosing. MCF is neither a law firm nor a certified public accounting firm and no portion of the webinar content should be construed as legal or accounting advice. A copy of MCF’s current written disclosure statement discussing our advisory services and fees is available upon request. If you are an MCF client, please remember to contact MCF in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing / evaluating / revising our previous recommendations and/or services. The scope of the services to be provided depends upon the needs of the client and the terms of the engagement.