Look at the big picture—and the details. Calculate whether the funds you’ve accumulated in savings and investment accounts are on track to meet your financial needs during retirement. You can do this yourself with online tools for a rough calculation or consult with a financial advisor who can help simplify the process and provide a more comprehensive scenario. Financial professionals also have access to financial planning and risk variance tools that help guide you in making adjustments to help you stay on track toward reaching your goals. To simplify even further, you may want to consider consolidating your investment and retirement accounts in one place.
Although many people don’t like to think about it, you also need to make provisions for what happens when you die. This needs to be done from both a financial and spiritual perspective. Think about what kind of funeral you would like so that you can plan for the costs accordingly. Memorials.com world largest supplier of funeral and memorial products and can give you some idea of options and prices.
See if you’re saving enough. If you find that you are off track, determine why. There are typically three common reasons: you may not be saving and investing as much as you thought you were; you might not be maximizing the benefits of your retirement accounts, employer-sponsored plans or adding enough in your investment portfolio; or your investments may not be performing as well as you expected or hoped they would. If you find the latter to be true, it is wise to reassess the investment strategies you selected, understand the risk and how it ties into your long-term financial and investment planning. Again, this is where an experienced financial advisor can be helpful. Setting or re-setting appropriate expectations as aligned with the risk of your portfolio and time horizon is a necessity in staying the course.
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