It?s not too soon to think about retirement planning. A career can fly by in a flash, especially one spent in service to others, such as education or health care. But studies show that one in five people who are nearing retirement age have no money saved. It?s not always easy; even with a job that provides a retirement benefit package, there are 20% of full-time government workers are not participating in a plan. In fact, recent studies by the U.S. Bureau of Labor Statistics show that only 53% of the civilian workforce has a retirement plan.
But participating in a 401(k) or 403(b), although it is the most common savings vehicle and used by 44% of the people asked in a recent survey, is not the only method of preparing for your post-career life. Investing your finances with the help of a financial advisor is a promising way to increase your income and save for the future.
A financial advisor provides wealth management services, assisting with financial planning, asset management, and investing. As you experience financial growth, you can begin to set money aside for the future. In addition to planning for retirement, financial advisors can help you with specific financial goals such as paying down debt, preparing to buy property, or help you analyze your financial statements. Financial planners can also help you to develop better spending habits, pay your bills on time, and organize your funds effectively.
Hiring a financial advisor is not as expensive as it sounds, and it?s not just for the wealthy. It is useful for all sorts of average, working people with budget constraints and unexpected expenses; in fact, financial advisors are often able to help ?regular folks? become wealthy, through better financial planning!
Take some time to research investment firms and financial advisors in your area. Make sure they’re certified and required by law to act in your best interests. Also, look for someone who is willing to teach you and work with you, rather than someone who just does it all and sends you the results. Your goal is to learn, to become more in charge of your wealth. A good financial advisor will help you do that.
Now, with your nest egg growing and your career finishing up, you can start dreaming about your retirement: time with friends and family, trips you?ve always wanted to take, and new hobbies you?ve looked forward to trying. It?s all possible when you take charge of your finances and your future!