Investment for Your Future: an Age-centric Review
Before designing any investment strategy it is highly recommended that you consult an expert in the field. This guide is aimed at helping you to best invest your money for retirement at every stage through life.
In today’s uncertain economic environment, many people are worried about their future. When people are scared for their jobs they tend to scorn investing. But the economic crisis is the main reason I think people should be investing for their future. If not your investments, what will pay you through retirement?
And Social Security pensions are dwindling. As we live longer, governments are claiming that they do not have enough money for pensions. To save yourself from a Spartan existence during your twilight years you must have a plan.
Contrary to popular believe you do not need to start out with large sums of disposable cash to begin investing. In fact, starting earlier and investing less will reap far greater rewards than investing larger sums later in life.
You can read the whole article to see all of the options available to you, or you can skip to the section that deals directly with your stage of life.
If you are 20 - 30: Start right away. Capitalize on your greatest asset - time. Choose safe, long-term investments that lock up your principal. This will make sure that you don’t “temporarily” withdrawal funds to finance a weekend in Vegas. Options you may want to explore are IRAs (Individual Retirement Accounts) which provide valuable tax break incentives as well as compounding interest on your investment or if you’d prefer to have temptation removed you could opt for a 401k. A 401k is a savings plan that automatically takes deductions from your paycheck and can allow for the generation of a healthy nest egg later in life.
You are 30something: You are beginning to reap the rewards of your hard work with higher wages. Add to your 401k and IRA accounts gradually, slowly increasing contributions. Experts say that you should be investing about 10% of earnings by this point in life. Take the remainder of that 10% and invest in stocks. Stocks come with inherent risks, but prudence can help minimize risks.
40s: You still have time to build that nest egg, so don’t worry. Max out your IRA and 401k contributions. Look through your portfolio and make sure you do not have too much money invested in any one place. The idea now is to begin decreasing your risk, while earning as much as possible. Consider selling some of your stock holdings and invest in bonds.
Over 50: Seek the assistance of a financial planner. They have experience and knowledge that will help you to reach your goals. Find out exactly what you are entitled to through the government and past/current employers. And be honest when assessing your financial picture. You may have to delay retirement, or look for other work if things aren’t as you would like them.
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