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Regardless of your age, planning for your financial future is a wise decision. Each decade of your life offers an opportunity to reap the rewards of implementing your plans.
Follow these basic principles for each decade to help reach your financial goals:
Now that you know these general guidelines for your age it is time to develop your own financial plan and put it into action. There are many considerations to factor into your plan such as inflation, economy, markets, and your own health and longevity.
The team at TFCU Financial Advisors is here to help you with a financial plan that is tailored to your unique circumstances. Contact us today to schedule a no cost, no obligation planning appointment with one of our licensed financial advisors.
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Source: Worthwhile Summer 2016 "Retirement Readiness by the Decades"
The hypothetical examples are included for illustrative puposes only. They are not intended to reflect the actual performance of any security, and do not include fees and charges which would reduce an investor's return. There is no assurance that any investment strategy will be successful. Investing involves risk including the possible loss of capital. Asset allocation and diversification do not ensure a profit nor protect against a loss. Unless certain criteria are met, Roth IRA owners must be 591/2 or older and have held the IRA for five years before tax-free withdrawals are permitted. Withdrawals from tax-deferred accounts may be subject to income taxes, and prior to age 591/2 a 10% federal penalty tax may apply. Earnings in 529 plans are not subject to tax and in most cases state tax, as long as you use withdrawals for eligible college expenses, you generally will be subject to income tax and an additional 10% federal tax penalty on earnings.