Too many Americans are hitting retirement age and realizing “Shazzam” I guess I should have prepared a little better financially. According to a recent Insurance News article, 80% of people say having a financially secure retirement is their goal and their idea of good retirement, followed by great health. To help you reach your dream and live a strong retirement we have put together a blog article that provides the best financial advice from advisors.
Financial Advice from Advisors
Keep in mind that this is dealing with retirement and and financial advice, not the best places to travel or the best way to get the kids out of the house. Financial advice from advisors is great, but it does not mean anything if you do not implement the ideas that you are provided with. The phrase “Action speaks louder than words” is the best way to describe this. Advisors will help you overcome financial obstacles and prepare for the future, but what you as the reader really want to know is what are the top pieces of financial advice, advisors give:
- Increase Retirement Savings. Save at least 10% of your income for retirement and try to max out retirement savings as early as possible.
- Create a financial plan. This includes how you want to retire, how you want to live in the present, do you want to pay for your kids colleges, do you have life insurance, disability insurance or long term care to secure your and your family’s future?
- Get rid of debt and spend less. This first thing to do is stop the consumptive spending if you have debt. Get rid of the bad debt first and then try to pay off your mortgage once you have retirement and college saving in place.
Most advisors believe that 15-20% of your pay should go towards savings and future planning. This is to make sure you have a comfortable retirement and are not strapped at a later age in life. Many Americans, struggle with this and say they want to make sure they enjoy the present.
This is true that we do need to enjoy the present! However, we should enjoy the present with boundaries. Without boundaries or guard rails it is easy to get off in a ditch.
Once you are in retirement is important to protect your assets with a Medicare Supplement and a Long-Term Care policy. These different insurance policies help strengthen your retirement plan in protecting from unknown health issues. We hope you enjoyed this financial advice from advisors across the country.
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