10 Ways To Get Your Retirement Back on Track

7:33 pm Asset Protection, Estate Planning, Retirement Planning

train tracks 150x150 10 Ways To Get Your Retirement Back on TrackJust in time to help us deal with the volatility and uncertainty in our financial markets, a Forbes.com post details the 10 ways you can get your retirement back on track:

Evaluate cash flow. Take a look at your income and detail where it is going.  How much of your gross income can you set aside each month?  Some financial advisors recommend 30 percent, if you can swing it.

Cut the luxuries.  If you eat out a lot, consider cutting back.  Shop your own closet before you buy new clothes.

Use online tools.  There are several websites that can help you track and save, including Mint.com and YouNeedABudget.com.

Max out your 401(k) match.  Get free money from your employer by taking the maximum percentage they will match.

Evaluate investments.  Look for no-load, low-fee plans to save money on investing.

Diversify.  Make sure you have a healthy mix of stocks, bonds, commodities and real estate to help insulate your nest egg from market fluctuations.

Be consistent.  Don’t try to time the market; if you keep investing at your normal pace, you’ll eventually be able to score when prices are low.

Have an emergency fund.  Have a cushion of cash on hand for emergencies, so you won’t have to draw on retirement funds.  Shoot for the equivalent of six months’ salary in cash.

Don’t take unnecessary risks.  While you always want to grow assets, it’s more important to preserve principal.

Don’t panic.  Letting emotions govern your investing decisions will likely just dig you a deeper hole.

Help is available to you by contacting your Southern California financial planning experts today.

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