Washington County Weekend Post

GMTODAY.COM SUNDAY, MAY 16, 2021 • WASHINGTON COUNTY POST • 3A Retirement seems like a lifetime away for young pro- fessionals. But as careers advance, families are started and milestones are met, retirement can start to feel a lot closer. A 2014 Gallup poll indi- cates that most Americans now retire at age 62. That is a good starting point when planning your retirement. The earlier you start estab- lishing savings goals and putting plans in motion, the more likely you will be to retire on time without hav- ing to worry about money. These strategies can help you save more for retirement years. 1. Raise … what raise? If you're lucky enough to get a salary increase at work, direct the extra money into retirement savings accounts and act like the raise never happened. You won't miss the extra money since you were not accustomed to earning it, and redirecting it into retirement savings can go a long way toward procuring your financial future. 2. Max out deposit lim- its. By depositing the maxi- mum allowable amount into your retirement accounts each year, you can grow your retirement savings quickly and earn consider- ably more interest on your money over the life of the account. 3. Allocate your tax refund. Elect to apply your tax refund to a traditional IRA or Roth IRA. 4. Take advantage of employers' offers to match retirement contri- butions. Many employers will match 401(k) contribu- tions if you save enough to qualify. This is an easy way to save without having to put in any extra money out of your own pocket. Make sure you're vested in the 401(k) plan so that the employer contributions can be taken with you if you leave a job. 5. Open a Roth IRA. A Roth IRA is a retirement sav- ings vehicle that enables you to pay taxes on the money you put in up front. When you become eligible to with- draw the funds (after age 591⁄2), they are tax-free. 6. Aim for a 15 percent investment. Start investing 15 percent of gross income for retirement once you're debt-free and have a fully funded emergency fund. Such a strategy can go a long way toward ensuring you have enough money to do what you want throughout retirement. 7. Make calculated cuts. Think about which items you can live without and dedicate what you would spend on those expenditures to retirement. For example, calculate the difference between buying a new car and a certified pre-owned model. Deposit the savings into retirement. Can you skip a vacation this year and do a staycation instead? For- going certain luxuries can help you build retirement savings. Saving for retirement becomes a little easier with strategies that can make money go further. 7 ways to save more for retirement Professional financial advice can be a valuable asset for men and women focused on their futures. Effective financial advisors help their clients navigate the sometimes confusing waters of personal finance, helping them to achieve both short- and long-term goals. Financial advisors can help men and women protect their savings, make smart investments and grow their wealth. What defines the right financial advisor depends on the client. Some financial advisors' strategies may not appeal to all prospective clients, so it's important that men and women vet finan- cial professionals before trusting them with their hard-earned money. The fol- lowing are a few things adults can look for as they begin searching for someone to help them secure their financial futures. • Credentials: Con- sumers may benefit by selecting a person who is just a financial planner, and not an accountant or insurance advisor. A financial advisor who is a certified financial planner (CFP) is licensed and regulated, and he or she has taken mandatory classes on the various aspects of financial planning. • Humility and an abil- ity to listen: Financial advi- sors need to be in-tune with their clients' needs, rather than putting their own best interests first. Northstar Financial Planning notes that good advisors lend sup- port and will ride out the ups and downs of financial deci- sions. • Recommendations: Advisors who have a reliable track record likely have clients willing to vouch for them. Men and women can ask friends, family or coworkers for recommenda- tions regarding financial advisors. • Wealth of experience: An advisor who has many years' experience under his or her belt has likely worked with clients from all walks of life and men and women whose comfort levels regard- ing risk have run the gamut. That wealth of experience can prove invaluable to clients. • Continued learning: Advisors who have member- ships in financial associa- tions and continue their edu- cation are committed to hon- ing their craft and staying on top of changes in their field. Financial advisors can be assets to people looking to protect their finances. Find- ing the right one is para- mount. Key traits of a good financial advisor

• Cover