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Retirement Investment Tips to Keep Your Strategy Going Strong

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This article is published in collaboration with Scutify, where you can find real-time markets and stock commentary from Robert Marcin, Cody Willard and others. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

While investing in your retirement is undoubtedly a great idea, you've got to make sure you proceed carefully. If not, you risk losing more money than you save and unraveling your peace of mind while you're at it. While you stride down the path to your golden years, be sure you take a few solid tips of retirement investing with you.

Know Your Tax Breaks

Do yourself a favor and meet with an accountant to see what tax breaks you qualify for. Taking this one step further, ask if your current retirement accounts are tax-favorable, such as your 401(k) or your IRA. More than likely, your accountant will suggest you do your best to contribute as much as you're allowed to your 401(k) plan if your employer will match your contributions, which is essentially free money towards retirement.

Build a Total Return Portfolio

If you aren't squeamish about investing, looking into a total return portfolio composed of stocks and bonds is another great way to prepare your finances for retirement. Know that such a portfolio works optimally as a long-term investment strategy. You should also prepare yourself for the very real possibility that your returns will go up and down over the years, but that doesn't mean you should make changes to your diversified allocation with every shift.

Make Use of Investment Company Social Media Content

Investment websites like The Street know people are stressed about saving for retirement and wanting to do so the right way. That's one reason so many of them offer educational content through social media platforms like YouTube and Facebook to offer advice and connect with clients. Take advantage of the opportunity to learn from the pros about how to make wise decisions about your investment.

Don't Forget About Fees

Something else to clear up with your accountant or employer is how much you can expect to pay in fees for your retirement account or mutual fund. In regards to mutual fund plan fees, it's best to pay no more than 1.5 percent for all your fees. Remember, the more you pay in fees, the less you have when it's time for that compound interest to kick in and make your money work for you. Should you learn your plan fees are higher than you're comfortable with, see if an experienced plan fiduciary is tending to everything. If so, the fiduciary's hand in the matter can offset the high fee cost.

Whatever Plan You Make, Stick to It

As time progresses with your retirement investment plan, you might be tempted to respond to the ebbs and flows of the stock market, and no one can blame you for that. For that reason, it's essential you think long and hard about how you're going to structure your retirement investment plan to accommodate for such shifts in the market and to better ensure you don't give in to the temptation to invest more or less when there's a market shift.

Shift Your Portfolio the Closer You Get to Retirement Age

It's a good idea to start shifting your portfolio over into retirement mode in the years leading up to your actual retirement. The mix of investments you're putting together now should start to transition from accumulation to preservation and distribution the closer you get to retirement. This means you'll want to work closely with your financial advisor over the years to ensure your portfolio is always balanced and aligned with the needs of your specific age.

Do your future self a favor and make wise decisions about investing in your retirement. Practice patience, and always consult with experienced professionals who offer solid retirement planning advice like that found from The Street so you can be confident in your decisions.


This article was written by Adam Monson for on .

This article published in collaboration with Scutify, the best app for traders and investors. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

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