An age-old retirement planning challenge is how to not outlive your retirement savings. A contributor to this challenge is that lifespans are increasing because we are generally staying healthier and medical breakthroughs make what was once a serious procedure now common. Even with careful financial planning, setbacks can occur as retirement timeframes approach. For instance, a necessary but costly medical emergency can significantly impact your retirement savings. As a leading wealth management advisor, we offer tips to help you build sustainable wealth.
Save as Much as You Can
According to the Teachers Insurance and Annuity Association of America, it is ideal to save at least 20% of your monthly income. If you’re unable to hit this target, try to save as much as you can. If you have trouble saving, our experts at AOG Wealth Management can help you put a plan in place.
Time is a significant advantage to those saving for retirement. Investing early in your working career allows more time and opportunity for compounding. People who start investing in their 20s are at a greater advantage than someone who starts investing in their 30s. While investing in small amounts may not seem a significant contribution to your end goal…decades from now…it does add up and is the right way to start saving and investing to attain your retirement goals. Working with an investment management expert like us can help you get started and put you on the right track.
Diversify Your Investments
There are several different investment options available to you. All investments, however, come with some level of risk. Understanding your risk tolerance is an important step in investing and diversification is an important tool available to you. Stocks, bonds, and real estate for example, are different asset groups to consider and may be suitable to your investment goals. A financial advisor like AOG can help you form a diversified portfolio.
With proper strategic investing decisions and wealth management, achieving savings to last you through your retirement is possible. Our team at AOG Wealth Management can provide management services to help maximize your assets. We serve communities throughout Metro Washington, DC and Northern Virginia. Call us at (866) 993-0203 for a complimentary consultation.
The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.