Retirement PlannerWith all the financial decisions investors have to make, the one decision that’s most often overlooked is when to meet with a retirement planner?

Meeting with a retirement planner sounds like something “other people” do.   If you are not even close to retirement, it doesn’t seem like a retirement planner is someone you need to worry about.    But that’s where investors make a mistake.   The best time to meet with them is long before retirement.

When To Meet With A Retirement Planner:

When You Start Your First Job.

  • The best time to start saving for retirement is when you start your first job.
  • Yes, that’s right, your first job.   Sound crazy?  It’s not.
  • The purpose of this exercise is to develop the discipline; not to save for 20 years of retirement living over night.
  • You don’t have to save a large amount to make it count – it all adds up.
  • Have the retirement planner run projections for you to determine how much you will need to invest to retire.
  • Due to the magic of compounding, it will cost you less if you start investing early in your career.
  • You will have to invest less if you start early, due to the magic of compounding growth.
  • Have your retirement planner run you an interest illustration, it will show you the true magic of compounding.

As Soon As Possible – To Get Your Road Map.

  • Your retirement planner can set up your financial road map for you.
  • When you go on a long trip, you take a road map with you, right?
  • Your journey to retirement is a long journey.   It starts the day you begin working and ends the day you stop working.
  • You need a financial plan to get you to retirement.
  • You will need a certain amount of money to retire.
  • You don’t know everything about investing and saving money.
  • You will need to set financial goals.
  • You will need to set up a financial direction to reach your goals.
  • Your financial goals will determine which 401k funds and IRA investments are best for you.
  • Use a retirement planner to set you up and get you started on the right track.
  • If you just wing it – you may never invest enough to ever retire.
  • You can use the financial road map as a reference.
  • As your financial needs change, you can adjust it.

A Retirement Planners Advice:

401k investing

  • If your employer offers a 401k plan, sign up immediately.
  • If your employer offers to match your 401k contributions, contribute the maximum amount.
  • An employer match means FREE MONEY.
  • Most employers usually match your contributions dollar for dollar up to a certain capped amount.   So for every dollar you invest into your 401k funds, your employer invests an additional dollar into your 401k account, up to a certain capped amount.   That is a 100% rate of return on your contribution dollars, up to the capped amount.

IRA investments

  • If your employer does not offer a 401k plan, you can invest for your retirement through an Individual Retirement Account.
  • If you are serious about saving for your retirement, invest first, spend second.
  • Put some money into your IRA investments first before spending your pay check on anything else.
  • Your investment doesn’t have to be a lot, it all adds up.

When you get your first job you will not have a financial portfolio yet.   However by starting the journey and maintaining the discipline to invest regularly,  someday you should have a substantial portfolio.

Find a retirement planner to work with.    If you do not have a retirement planner to work with,  ask your 401k plan provider at your workplace.  The 401k company may have a planner on staff or be able to refer you to one.

Start investing today – in the long run you will be glad you did.