How did it feel when your retirement account plummeted during the market drop this spring? In a moment like that, it doesn’t matter if it’s caused by a virus, foreign affairs, or upcoming elections, the only thing that matters is your retirement, especially if it’s soon approaching. If you’re like most people, you were left wondering if you were still on track for retirement, invested in the right things, and if you are working with the right team to help you retire successfully.
Many people aren’t. According to a recent study by Fidelity, 41% of those surveyed are not on track with their retirement savings to sufficiently cover all essential retirement expenses. This doesn’t even begin to cover non-essential items like travel, hobbies, or entertainment.
Having a plan that maps out your retirement, with all of your financial goals built in is so important. Many picture retirement as starting at a certain age and assume their savings will be sufficient by that point, but it’s retirement, not a game of darts. One of the biggest aspects of our lives deserves more attention and planning to ensure its success. Those who take the time to develop a plan will see far more success than those who do not.
Work with a Financial Advisor who cares about your success and will help you establish a plan that defines your specific goals. This simple action can make all the difference. Also, if you felt uneasy about the market volatility this spring, it’s important to have a proactive financial professional who understands the markets, your comfort level with risk, and can make the hard investment decisions to help keep you on track.
At Copperline, we believe there are three important things to think about as you get started on the path to achieving your goals. While this is not guaranteed, only those who lay the foundation and do the work may reach their goals.
First
Start today. The principal of compound interest involves two major aspects, time and money. The sooner you start, the less you will need to contribute out-of-pocket. Let your money work for you and take advantage of the power of time in the market. Even small amounts add up over time, so don’t hold back until you can afford to contribute higher amounts, just get started.
Second
Have a Financial Professional to partner with. For several reasons, this is critical to plan development and the likelihood of success. Many people have the preconceived notion that working with a Financial Advisor will be very costly or that they need a pile of assets in order to qualify. Here at Copperline, our goal is to help our clients succeed financially. Through custom planning and asset management, we are able to work with a wide range of asset levels and budgets and find a billing method that suits your needs.
Third
Be honest with yourself and understand your capabilities. Are you comfortable actively managing your investments and do you have the skills to do this research yourself? The cost of working with the right advisors will be justified and validated by the level of service provided, quality of advice, and their ability to skillfully manage returns.
