First comes love, then comes marriage, then comes…err…retirement planning? You realize this after discovering that education and career goals only begin the stress of properly planning your retirement. Think of it this way: your future self is counting on you to take care of business now to make sure you can comfortably afford that retirement bucket list later. But, planning doesn’t have to be your worst nightmare!
Why is retirement planning so scary?
Don’t stress yet! Jill Worman, a Financial Advisor with First Mid Wealth Management, explains, “It’s not something that we learn much about in school. People feel uneducated, but trust me, you’re not alone.” The biggest fear is running out of money or feeling like you cannot fully enjoy your later years due to financial strain. Your fears are valid and completely normal, but there are steps you can take to stay ahead of the financial planning game.
What are some easy steps that I can take to properly plan for my retirement?
- Pen to paper. Create a written retirement plan so you can keep track of your target goals.
- Slow and steady. Start saving for your retirement now—even if it’s just through your company’s plan. Plan to gradually incorporate other saving mediums (i.e. long-term investments) as you become more financially comfortable.
- Meet with Jill! Or, any of our experienced financial planners at First Mid Wealth Management. A financial advisor helps you plan, implement, and track your savings and investments towards retirement. Their passion lies in helping you build a healthy money pool for an easy retirement—so never hesitate to reach out with questions!
What is one of the biggest misconceptions when it comes to retirement planning?
People fail to appropriately invest for their age and current financial situation. Jill explains, “The exact time to be focused on growing your retirement account is when you’re young and have time on your side.” But, it’s never too early or too late to increase your retirement funds. If a company-based plan isn’t available to you, there are still options in a traditional or Roth IRA account.
Well, what’s next?
Contact your most convenient First Mid Wealth Management financial advisor to start saving for your future now. Remember, you don’t have to do this alone!
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