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We wonâ€™t settle for average. We continually seek top managers or securities and meld them into superior custom portfolios. Each palette of investments is carefully tailored to personal or family goals. We enlist excellent managers, research, resources, and effort for our clients. Donâ€™t settle for average. You deserve excellence.
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Want Out? Investing Strategies for Early Retirement
Retiring Early Requires the Right Mix of Investing Strategies and Diversification
Do you dream of an early retirement? If you want to get out of the workforce before the traditionally targeted age of 65, your investing strategies may need to be adjusted. It may seem simple, but a quick reminder can be very beneficial. Here are some important steps to take:
Get Involved Early
Itâ€™s an overused saying but it is true: the best time to start saving is yesterday; the second-best time to start getting serious about investing for your future is today. If you want to retire early, you need to start planning as early as possible, which is why Millennials should consider strategies now that will put them in a position to make that early retirement decision in a couple of decades. The sooner you begin saving, the more compounding youâ€™ll have working in your favor later.
If youâ€™re making up for lost time, donâ€™t worry â€“ youâ€™re not alone. Many investors pick up the intensity of their investments in mid-life. Itâ€™s important to start where you are and move forward consistently.
Establish Solid Goals
If youâ€™re in your mid-to-late 20s, your vision of the future is likely going to alter by the time youâ€™re in your late 30s. Thatâ€™s fine, but establish your goals for retirement now so you have a plan to guide your investing strategies.
â€śWhere should I put my money?â€ť Itâ€™s an appropriate question, and most investment advisors will point to an IRA and an employer-matching 401(k) as excellent vehicles for early retirement. Talk to your investment advisor about diversifying your investments in a variety of types, as this will give you the best chance at growth, especially when the market is volatile.
Keep an Eye on Taxes
Being tax-efficient in your investing strategies is important for an early retirement. For instance, tax-deferred savings vehicles like 401(k)s and IRAs can help you boost your savings. If your employer offers a match on your 401(k) contributions, you're going to see your savings grow more quickly.
Healthcare Can Get Expensive
This is an area of retirement planning that you may not have thought about â€“ your health. Maybe you havenâ€™t been to a doctor in 15 years and any sickness youâ€™ve had has been managed from home. Unfortunately, youâ€™re likely going to be visiting your family practitioner more often when you hit your golden years, which will increase your cost for healthcare.
Even though you may not have medical problems now, you need to budget for costs related to healthcare because your medical issues can wipe out your savings if youâ€™re not prepared.
At Family Investment Center, weâ€™ve established many investing strategies for our clients who want to retire early. Every situation is different and requires a customized approach, which is why you should come in and talk to us about your retirement goals. Weâ€™ll help put you on a path where an early and comfortable retirement may actually be attainable.