April can be a dreaded time of year for valley residents as we approach tax day. Sweating over all that financial information from the past year can be daunting. However, taking stock of your financial future doesn’t have to be terrifying and in fact, there are plenty of things you can do to ensure success in the years ahead.
Michael Kreitinger, Financial Advisor with Edward Jones offers some very simple yet important tips to follow.
Best Thing You Can Do to Prepare for Retirement
First, find a professional you like, and one you can trust, then you can start to dream up your ideal retirement. Do you have any hobbies, or would you like to start one? Do you want to travel, within the United States or abroad? How many trips do you want to take a year? Any health concerns that run in your family? The goal here is to have a better understanding of where you want to be in as much detail as possible, if you don’t know where you are going you will never get there. Find investments that align with what you believe in, will help you stay with your plan longer versus choosing something that goes against your core values. If it sounds too good to be true it is, make sure to read the fine print before buying any products that offer a guaranteed rate of return and that the person selling them holds the right licenses.
Saving for College: What You Need to Know
Parents should start saving for their child’s higher education after they know if their retirement will be fully funded or if they have a shortfall. You can take loans out to pay for school, but you cannot take loans out to pay for retirement. If you absolutely must, start saving for their higher education, open a 529 account and instead of asking for toys and material things for birthdays, special occasions, holidays, and ask for a cash donation to their 529 account in lieu of a physical gift. A financial advisor can help sort through all that as well and can help create a plan. When it comes to money there are plenty of companies that will also charge a fee to have access to their platforms, which isn’t a bad thing. Just make sure you do some research before handing over your hard-earned money, so you fully understand the value of what are you getting in return.
