Building a Solid Retirement Nest Egg - Property Investment Advice ...

Whether you are in your 20s or your 50s, now is the time to make sure you are following the right path towards retirement. Saving for retirement isn?t easy, however, as it takes hard work and dedication to make sure your golden years are some of your happiest. Not sure where to start? Have a look at some of the steps that will get you closer towards the retirement of your dreams.

Set short-term financial goals

Preparing a retirement savings plan can seem overwhelming at first, especially if you are only looking at your end financial goal. Keep in mind, however, that how much you need in the end is actually less important than the plan you make for getting there.

Breaking down your retirement and financial planning into manageable five-year increments will keep you feeling confident by helping you to accomplish small goals regularly. For example, if you are fresh out of college, your first five-year goal could simply be paying down your student loans. After you have finished that, you can set another five-year goal that is more relevant to your current career and expenses, and so forth.

Annual budget review

The costs of living and your personal needs change over time, and it is all too easy to just continue paying what you are used to without even thinking about it. By setting up an annual budget and analysing it every year, it will be easy to find areas where you can make major cutbacks, as opposed to accepting ?business as usual?.

Hire help

Getting help from a professional financial planner is a critical element of building a solid retirement plan. A financial planner can help you create a plan that addresses both your five-year and long-term financial goals, and can help make projections based on what you already have, how much you are saving, and your annual compound earnings. These projections will help ensure you are on the right track and will empower you to make adjustments where necessary.

Asset allocation and investment diversification

Asset allocation refers to the types of assets held in an investment portfolio, and could include stocks, bonds, CDs and property investments. Diversification refers to the different investments within each asset class, and is vital for having a strong and less risky investment portfolio. Of course, your current age will strongly dictate where your best investments lie; younger investors should have more assets in stocks, older investors should go for bonds, and every type of investor should be looking at investing in property. In general, being willing to invest your money is crucial if you want a strong financial base for retirement.

Have the right insurance

Insurance exists for one reason: to protect your assets, income and health. Throughout your life, you will be putting in a lot of hard work to secure your financial future, so you don?t want to be derailed because of an odd turn of events. Cover yourself for the most common misfortunes ? fire, flood, hail, job loss, car accidents, theft, and disability ? and ensure you are getting reasonable deductibles and coverage limits.

Mentioned here are only the basics of retirement planning, but there is much more you can do to secure your financial future. The most important thing to do is contact an advisor that can get you on the right track ? and start now.

Source: http://blog.dpn.com.au/building-solid-retirement-nest-egg/

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