So, everyone hopes to retire at some point, right? Everyone knows that planning for retirement is a must, but no one seems to do it early enough! I just met with my financial advisor and it's depressing.
I urge everyone in our class to start saving for retirement as soon as you can and DON'T TOUCH IT!!! I know, you're young and you have a long time until retirement, right? It's true, you're young, you have a long time to work until you need to worry about retiring, but one day you're going to wake up and be forty something and realize that retirement is getting closer and the funds haven't grown the way you'd hoped.
Things happen, I understand that - kids, houses, emergencies, but if you can leave your retirement funds alone you're going to be much better off. I think the worst thing available in a company 401k plan is a loan. Sure, loans have to be paid back, but at the same time you're missing valuable investment time and interest. I may be lucky enough to be able to count on some sort of social security to supplement my other retirement plans, but social security most likely isn't going to be around by the time the rest of the class retires.
Find someone you trust, someone who understands the ins and outs of investing. Don't try to do it on your own unless you have the time to invest in research. I finally found someone who is honest, someone who knows what he's doing and someone who is sincere and really wants to help his clients. 401k plans are great, but knowing what to invest those funds in can be tricky. Most companies don't offer any kind of advising, most likely the company is making more money than you on your 401k.
Plan ahead, save what you can and live life to the fullest! That's my advice for today.
No comments:
Post a Comment