Saving for retirement just makes good sense, but when retirement is still a long way in the future and you are intent on living now, the task can seem daunting.
Too often, people look at retirement preparation as a last-minute sprint instead of a long-term marathon. The process should begin early in one’s career and you don’t need a degree to figure it out. The process can be eased by involving a qualified financial adviser.
A qualified financial adviser can provide advice and guidance and provide services that might include investment management, income tax preparation and estate planning.
Building a sufficient retirement savings may require putting a rein on spending during the earning years. Your financial adviser can tell you how much you need to save and then guide you through what can be a confusing investment strategy so that the money you invest will give a good return.
Your local banking institution may offer free or low-cost adviser services, along with printed or online information that would be helpful, such as retirement calculators, trust and estate services, insurance options and others.
The AARP offers these guidelines to finding a competent financial adviser:
• Verify the individual’s credentials and get client reference.
• Study your options and don’t hire an adviser until you are certain he or she offers what you want for your particular circumstances.
• Be clear up front about the adviser’s fees. There are various ways an adviser can be compensated.
Saving for retirement need not be overwhelming. Take advantage of information provided by your employer and your financial institutions. Spend your money before retirement with an understanding of how that will affect the future and team up with someone knowledgeable about retirement finances. And then – happy retirement.