Tips to Maximize Your Retirement Savings

Tips to Maximize Your Retirement Savings

It is important to be aware of simple steps that can be taken today that can offer great benefits in the future. Discuss these practices with your financial advisor and, together, you can build a secure retirement plan.

  1. Saving Early. By beginning your retirement saving at an early age, you allow more time for your money to grow. As gains each year build on the prior year’s, it’s important to understand the power of compounding and take advantage of the opportunity to help your money grow.

  2. Set realistic goals. Review your current situation and establish retirement expenses based on your needs.

  3. Focus on Asset Allocation. Build a portfolio with proper allocation of stocks and bonds, as it will have a huge impact on long-term goals.

  4. For the best long-term growth, choose stocks. Over long periods, stocks have the best chance of attracting high returns.

  5. Don’t overweight a portfolio in bonds. Even in retirement, do not move heavy into bonds. Many retirees tend to make this move for the income, however, in the long-term, inflation can eliminate the purchasing power of bond’s interest payments.

Source: CNN Money. “Tips for Planning Your Retirement.” Money Essentials. Web. October 2014.
The views expressed are those of the author(s) and are subject to change at any time. These views are for informational purposes only and should not be relied upon as a recommendation to purchase any security or as a solicitation or investment advice from the Advisor. The opinions expressed are as of publication date and may change as subsequent conditions vary. Although the information provided to you on this material is obtained or compiled from sources we believe to be reliable, Investors Trust, cannot and does not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose. Past performance is not a reliable indicator of future results.

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