Apr 9, 2018
Let’s look at practical tips from the leading financial planning thought leaders and professors that can help you take your 2017 financial planning to the next level, and put you on the right path to a more financially secure future.
Maximize Your Retirement Savings.
“There are three secrets to maximizing retirement savings. The first is to put savings on autopilot—salary deferrals to 401(k) plans, automatic monthly withdrawals from a checking account, paying down a mortgage. The second secret is to fully utilize tax-advantaged retirement vehicles like IRAs and Roth IRAs. The third secret— forget that you have this money!” -David Littell, JD, ChFC®, Professor of Retirement Income Planning
The American College of Financial Services
Reallocate Your Investments.
“With the recent surge in equity values, remember that long-term performance, particularly for the portfolios of retirees, is better when the stock allocation is returned to the target allocation on a regular basis. In simple words, with the elevated values of equities we are currently seeing, it is a good time to lighten the equity load and add to the bond allocation.” -Walt Woerheide, PhD, ChFC®, CFP®, RFC®, Professor of Investments
The American College of Financial Services
Don’t Forget Your Estate Plan.
“Comprehensive financial planning includes estate planning and emergency planning for families. A lot of attention is given to savings for emergencies. The typical recommendation is for six months of compensation saved in a liquid account. But what about premature death planning? Will there be assets to take care of final expenses and liquidity to provide for family needs? The time frame of these needs will indicate the amount of funds necessary and the amount of those funds that need to be liquid. There are personal savings, employee benefits, and life insurance proceeds that may be available to provide for the needs of the family. But are these funds structured properly? Often they are not. The client’s will, personal asset titling, and beneficiary designations all need to be reviewed to ensure that family needs will be matched by both the amount of funds available and how the funds are made available.” -Ted Kurlowicz, JD, LLM, CAP®, ChFC®, CLU®, Professor of Taxation
The American College of Financial Services
Invest For The Long Term.
“Success in investments is a marathon and not a sprint. Develop an investment strategy and stick with it no matter what the conditions in the market. Since 1926, a diversified portfolio of large capitalization stocks has earned, on average, 10 percent compounded annually. Corporate and government bonds have returned approximately 6 percent. Woody Allen said 80 percent of success is showing up. Success in the stock market is largely about showing up and sticking to a long term plan.” -Robert R. Johnson, PhD, CFA®, CAIA®, President and CEO
Related Topics: Retirement Planning, Loans, Saving Tips
