Retirement isn’t that many years away and you feel unprepared. Owing to the fact that your work pension and some other plans suffered during the recession, you’re not where you would like to be at this time. Instead of assuming there’s little you can do, it’s time to make the most of the working years you have left. Here are some tips that will help.
Talk With a Financial Planner First
At present, your view of the situation may not be as objective as you think. It’s easy to dwell on what the recession took away. Choosing to see a professional who can assess your finances will add some balance to your perspective.
It may be that you’re overlooking one or more resources that could provide more of a financial cushion than you think. With the help of professional St. Augustine financial planning, it will be easier to formulate a plan that improves your situation considerably.
Save Money and Place It in Low-Volatility Accounts
When you were younger, opting for investment opportunities that carried more risk made sense. That’s not the focus now. While the returns may be lower on low-volatility accounts, they are consistent. A planner can help you find ones that offer the best returns while carrying less risk. Plans that allow you to add to the balances each month without requiring substantial contributions are a good choice.
Pay Off Your Debts
While much of the focus of planning for retirement is on creating sources of monthly income, don’t overlook the value of paying off your debts. Entering retirement with zero balances on your credit cards, a home with no mortgage, and a car with no loan attached translate into lower monthly living expenses. Balance this aspect of St. Augustine financial planning with bolstering the balances in interest-bearing accounts and you will be on better fiscal footing.
It’s true that your approach to St. Augustine financial planning will be different from this point forward. What worked when you were younger is not necessarily as effective at this stage. Get an objective view of the present situation, set a few specific goals, and focus on achieving them. You’ll be in a better position by the time retirement rolls around and enjoy a measure of security that may seem out of reach right now.
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