Why Your Investment Plan Isn’t Working

Have you been wondering why you’re not getting anywhere with your retirement? You may be going about it all wrong. You’re not alone: many Americans aren’t saving smartly forretirement. Because we’re so busy, we often leave all the decisions up to our brokers or we throw money at a savings account when we can. But you need to do more by:

Taking over the reigns of your retirement. It takes much more than a 401(k) to fund a nest egg,  so develop a well-rounded portfolio that goes beyond your employer and take control of your own destiny.Too many employees nowadays too willingly fork over the responsibility of their retirement plans to their employer, with 33 percent saving only the amount their employer is willing to match, saysMainstreet. On top of that, 20 percent don’t sit back and determine what that amount should be, saving only what is pre-determined by their employer. Don’t get lazy. Crunch all the numbers yourself before you blindly take your employer’s word for it.

Socking away money for your kids’ college rather than retirement.While you can always secure a loan to fund your child’s education, you can’t do that for your retirement. Assuming you’re not planning to fund your golden years on credit cards, you’ll need a substantial amount to retire comfortably. Don’t worry about your kids: they’ll have many opportunities to apply for money for college through grants, scholarships, federal work study programs and subsidized/unsubsidized loans. Plus, they can attend a low-cost community college if funds are really low and can pay off their own loans once they get a job after graduation.

Living within your means.It’s time to start spending in line with what you make at your job. In addition to that, when you receive a raise or bonus, put that extra money into your retirement fund. Overall, you should be maintaining the same standard of living while putting more towards retirement even when you experience a windfall. You don’t pay income tax on that money until you take it out at retirement age and you don’t pay tax on your account balance.

Being an active participant in your future. Today’s younger generations are threatened with less social security and pension plans. With that in mind, you must take a more proactive stance on your retirement instead of relying on the government to take care of you in your old age.A recent study by Edward Jones found that 45 percent of non-retired employees aren’t saving for retirement at all, and just36 percent plan to do this at some point later down the line. Harness the benefit of time and start saving as early as possible.

Perhaps you rely ons stock broker to handle your retirement; just be careful whom you trust and always know the name of a reputable securities fraud attorney just in case.

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