The president of Howley Financial Group, Jack Howley has more than 40 years of experience in the financial services industry. Through his company, Jack Howley offers a number of services designed to help clients protect their assets and plan for retirement. When preparing for retirement, there are many factors to consider.
First, it is essential to consider how long your retirement could last. It is conceivable that individuals who retire at the typical age of 65 would need their money to support them for over three decades. Another important component of retirement planning is to build a diversified investment portfolio that can weather economic downturns. There are different approaches to diversifying your investments. A typical diversified portfolio might include stocks, bonds, mutual funds, and other assets like real estate. Major points to consider include your risk tolerance, liquidity needs, and investment time horizon.
Maximizing and consolidating retirement accounts simplifies planning and comes with added financial benefits. It is advisable to contribute the maximum amount allowed to your 401(k) plan or IRA accounts, if you are able. Meanwhile, consolidating your IRA accounts at one institution makes financial information easier to track.
Finally, you should try to minimize or even eliminate debt since debt and related interest payments can consume your retirement income. Future retirees should prioritize paying off their credit cards and other loans. Achieving the smallest possible debt footprint as soon as possible can pay huge dividends down the road.
First, it is essential to consider how long your retirement could last. It is conceivable that individuals who retire at the typical age of 65 would need their money to support them for over three decades. Another important component of retirement planning is to build a diversified investment portfolio that can weather economic downturns. There are different approaches to diversifying your investments. A typical diversified portfolio might include stocks, bonds, mutual funds, and other assets like real estate. Major points to consider include your risk tolerance, liquidity needs, and investment time horizon.
Maximizing and consolidating retirement accounts simplifies planning and comes with added financial benefits. It is advisable to contribute the maximum amount allowed to your 401(k) plan or IRA accounts, if you are able. Meanwhile, consolidating your IRA accounts at one institution makes financial information easier to track.
Finally, you should try to minimize or even eliminate debt since debt and related interest payments can consume your retirement income. Future retirees should prioritize paying off their credit cards and other loans. Achieving the smallest possible debt footprint as soon as possible can pay huge dividends down the road.
