The basics of financial planning are the same at any age but the strategies that apply to those of us who are 40 or 50 years old are different. Some methods of insuring financial security take too long to mature but there are steps that the over-40s can take to secure their financial future. My friends passed their fortieth birthdays when they woke up to the fact that they had no real financial plan in place, other than a household budget that told them where the money came from and where it went. When they talked to a financial advisor, she said that my friends were way ahead of nearly 50% of the population, who didn’t even have a budget. They were doing something right without even knowing it! The longer you leave planning for … [Read more...]
An Overview of Popular Retirement Accounts
There is a range of different retirement accounts designed to help you save for your later years. Few people really understand the differences, making it hard to make the right decisions. How do you choose the best retirement account for you? How do you know you have chosen wisely? The answer to both these questions is education; learn all you can about your options and then make an educated decision. Seek professional help from a financial advisor; but at the end of the day, it’s your future so it you should go with what feels right for you. This is an important point – decide what’s best for you. Everyone is different and each person’s circumstances are unique, so what’s best for you may not be right for your friends. This is … [Read more...]
