Consider all things nitty-gritty. What are your family’s immediate and long-term financial needs?
- Aim to save 10% to 15% toward retirement each year.
- Take advantage of tax-deferred or tax-efficient accounts.
- Pay bills in full, on time whenever you can.
- Pay off any high-interest debt.
- Save for college.
- Maintain a “what if” fund to bridge any gaps in cases of emergency or opportunity.
Living the dream
Get ahead of the game – careful consideration now can help you reach your future goals.
- Aim for you and your spouse to retire early and still delay Social Security until full retirement age.
- Develop a budget and track income and expenses. Spend less than you earn.
- Build credit by leveraging good debt for large purchases like a home or advanced education.
- Save for something fun, perhaps a family trip to Cinque Terre.
Reflect on your loved ones. Do you have the right strategies in place to ensure they’re taken care of?
- Buy the appropriate amount of insurance, including long-term care.
- Create a will, power of attorney and other important legacy documents. Before you need them.
- Discuss mid- and long-range plans with your partner/spouse and family, as well as your financial advisor.
Plan for more
Go above and beyond to make the most of the goals you have in place.
- Reassess your risk tolerance and make adjustments to your financial plan.
- Consider your options with any retirement funds still lingering with an old employer.
- Set – and regularly review – your goals and progress with your financial advisor.
- Establish buy/sell criteria with your advisor, so you can make decisions about cutting losses or reinvesting in a rational manner.
- Take advantage of employer benefits like health savings accounts, flexible spending accounts and retirement plan matches.
- Understand the investments you own and how they work together.
Think big – your goals should help drive your purpose and decisions in each season of life. Speak to a trusted advisor as you assess any life changes and new opportunities.
All expressions of opinion reflect the judgment of Raymond James & Associates, Inc., and are subject to change.