Investment Planning

Planning for your retirement is one of life's most important tasks. The average American life expectancy is 78.89 years, and the average retirement age is 62. So you'll want to ensure you have financial freedom in your retirement years. Investment planning is critical for meeting medical expenses, daily living costs, and sudden emergencies. However, many Americans are uncertain about investment planning for retirement.

Five statistics on retirement planning in the United States:
- 25% of non-retirees don't have any retirement savings
- 29% of Americans between 30-44 don't have retirement savings
- Only 28% of Americans under 30 feel financially prepared for retirement
- Before 2020, under 35s averaged retirement account savings of $13,000
- 17% of Americans aged 45 to 59 don't have retirement savings
Investment planning is complicated. That's reflected in the amount of Americans — including Americans over 35 — without retirement savings. However, with the help of an asset manager, investment planning can be much easier.

How To Start Investment Planning for Retirement

First, you need to know your intended retirement age. You should remember that the younger you begin investing, the more time you'll have to grow your investments. As a result, you can achieve greater financial freedom for your retirement years.

Once you've decided your retirement age and how much money you need for retirement, you can begin investment planning.

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Choosing the Best Retirement Plan for You

Savings are essential for your retirement. However, where you invest your savings is just as significant. At this point, it's an excellent time to hire an investment advisor to help you. An investment advisor has the knowledge to guide you towards the best investments. In turn, you can maximize your returns.

Here are some of the most popular options:

401(k) Retirement Plans

401(k) plans allow your employer to match your investment up to a specific amount. For example, if you contribute 5% of your annual earnings to your retirement plan, your employer could match this. Millions of Americans depend on their 401(k) retirement plan for their retirement years.

A significant benefit of a 401(k) plan is higher rates than savings accounts. What's more, there's no income tax when you withdraw from a 401(k) plan. In most circumstances, you can't withdraw your 401(k) until you're 59½. Many fees are associated with cashing out your 401(k) when you're not close to retirement age. That's why it's best to consider other options.

A popular option is a 401(k) rollover. You can transfer your funds from a 401(k) employer-sponsored plan to a new 401(k) plan or an individual IRA plan. Benefits include possibly lower account fees, a more diverse investment selection, the potential to open a Roth account, estate planning advantages, and cash incentives from brokers. 401(k) rollovers have many rules, and that's why it's sensible to speak with an investment advisor.

Retirement Investments

Risk is a critical factor when deciding on your retirement investments. When you're young, it's an excellent time to invest more aggressively. In contrast, it's wise to invest conservatively when you're older. If you're planning retirement investments, an investment advisor is essential. You'll need to diversify your portfolio to minimize risk, and an investment advisor is perfect for that.

The best investments if you're looking to pursue growth:

Individual stocks - Purchasing individual stocks may provide excellent long-term growth. You can do this by buying individual bonds and stocks as part of your investment strategy.
Growth-oriented mutual funds - Growth-orientated mutual funds target companies that are making revenue faster than their peers.
Variable annuities - A variable annuity will rise and fall based on the performance of its investment portfolio.

The best investments if you're looking to generate income:

Individual bonds - Individual bonds are fixed-income instruments that allow an investor to lock in a specific yield over a specified time frame.
Income-oriented mutual funds - Income-orientated mutual funds may offer monthly income and daily liquidity.
Fixed Annuities - A fixed annuity is an insurance contract that promises to pay a buyer a specific rate based on their contributions to the account.

Why You Should Hire an Investment Advisor

Investment planning isn't straightforward. You probably have a family, a career, and precious little time on your hands. Nevertheless, an investment advisor will advise you on the best way to invest your savings. Investing in individual stocks, mutual funds, and annuities requires research, and there's also an element of risk involved.

But when you hire an investment advisor to handle your investment management, you'll gain advice on tax, retirement planning, wealth management, and investment management from industry specialists.

We offer a personalized, hands-on service to educate you on investment planning for retirement.

Contact us for more information.

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