One of the most important financial responsibilities that someone has is the need to prepare for their financial future. A big part of this is ensuring that you have enough money set aside to last throughout your retirement. As this can be a big task, working with a retirement specialist is a great option. Ana Fajardo is an experienced retirement specialist and wealth manager who can help you reach your goals. She, and other retirement specialists, offer various pieces of advice that can help you properly prepare.
Start Early
One of the most common pieces of advice provided by wealth managers and retirement specialists such as Ana Fajardo is to start the process of saving for retirement as soon as you can. Compound interest is a major tool that you can use to reach your goals and the sooner you start planning, the more money you can make. While saving and planning can seem difficult when you are young, making even small contributions each year will add up over time and help you build a larger nest egg.
Use Retirement Accounts and Tools
Another tip that you can follow is to take advantage of various retirement accounts and tools. Ana Fajardo and other retirement specialists will always recommend that you take advantage of various retirement accounts that offer tax benefits. Some of the most common retirement accounts include 401ks, traditional IRAs, Roth IRAs, and 403bs. All of these accounts offer various advantages that can help you save money by reducing your tax liability. In some cases, you will also have access to employer contribution matches, which is additional money that will be contributed to your account and can be vested in the future.
Ana Fajardo and Others Suggest you Continue to Evaluate Progress
If you start planning for your financial future when you start your career, you could end up saving for 40 to 50 years. While this may seem like a long time off, it continues to be wise that you evaluate your retirement plan, progress, and investment options. Ideally, you should be evaluating your accounts, progress towards goals, and other factors at least once per year. Based on your assessment, you could make changes to your savings and investment strategy to help you reach your goals.
Avoid Using Retirement Funds
While it is important that you continue to contribute to your retirement accounts, keeping money in your accounts is just as important. Many people will eventually feel tempted to withdraw funds from their retirement accounts for various purposes. While this money is available in an emergency, withdrawing too soon can result in penalization, and additional taxation, and can derail your retirement progress. Ana Fajardo and other retirement professional suggest you should avoid taking the money out of your accounts until you need to withdraw it once you reach retirement age.
Finding a way to prepare for your retirement and financial future is very important. When you are looking for guidance, working with Ana Fajardo is a great option. She and other specialists in the field offer various types of guidance and support that will help you reach your goals.
