Saving is a great start, but planning to
reach your financial goals is even better.
Provided by Benjamin Bogetto
Are you
saving for retirement? Great. Are you planning for retirement? That is even better. Planning
for your retirement and other long-range financial goals is an essential step –
one that could make achieving those goals easier.
Saving
without investing isn’t enough. Since interest rates are so low today, money in
a typical savings account barely grows. It may not even grow enough to keep up
with inflation, leaving the saver at a long-term financial disadvantage.
Very few Americans retire on savings alone. Rather, they invest some of
their savings and retire mostly on the accumulated earnings those invested dollars generate over time.
Investing without
planning usually isn’t enough. Most people invest with a general idea of
building wealth, particularly for retirement. The problem is that too many of
them invest without a plan. They are guessing how much money they will need
once they leave work, and that guess may be way off. Some have no idea at all.
Growing and retaining wealth takes more
than just investing. Along the way, you must plan to manage risk and defer or
reduce taxes. A good financial plan – created with the assistance of an
experienced financial professional – addresses those priorities while defining
your investment approach. It changes over time, to reflect changes in your life
and your financial objectives.
With a plan, you can set short-term and
long-term goals and benchmarks. You can estimate the amount of money you will
likely need to meet retirement, college, and health care expenses. You can plot a way to wind down your business or
exit your career with confidence. You can also get a good look at your present
financial situation – where you stand in terms of your assets and liabilities,
the distance between where you are financially and where you would like to be.
Last year, a Gallup poll found that just
38% of investors had a written financial plan. Gallup asked those with no written financial strategy
why they lacked one. The top two reasons? They just hadn’t taken the time (29%)
or they simply hadn’t thought about it (27%).1
October is National Financial Planning Month – an ideal time to plan
your financial future. The end of the year is approaching and a new one will
soon begin, so this is the right time to think about what you have done in 2016
and what you could do in 2017. You might want to do something new; you may want
to do some things differently. Your financial future is in your hands, so be
proactive and plan.
This material was prepared by MarketingPro, Inc., and does not
necessarily represent the views of the presenting party, nor their affiliates. This
information has been derived from sources believed to be accurate. Please note
- investing involves risk, and past performance is no guarantee of future
results. The publisher is not engaged in rendering legal, accounting or other professional
services. If assistance is needed, the reader is advised to engage the services
of a competent professional. This information should not be construed as
investment, tax or legal advice and may not be relied on for the purpose of
avoiding any Federal tax penalty. This is neither a solicitation nor
recommendation to purchase or sell any investment or insurance product or
service, and should not be relied upon as such. All indices are unmanaged and
are not illustrative of any particular investment.
Securities offered through First Heartland Capital, Inc. Member FINRA/SIPC
BogettoFinancial is not affiliated with First Heartland Capital, Inc.
Bogetto &Associates does not provide legal or tax advice. These topics are
discussed in conjunction with your CPA, Tax Advisor and Attorney.
Citations.
1 - gallup.com/poll/184421/nonretired-investors-written-financial-plan.aspx
[7/31/15]
Financial Health...For Now & Tomorrow
Contact us Today
Website - www.bogettoandassociates.com
Telephone - 314-858-1602
Email - peter@bogettoandassociates.com
10805 Sunset Office Drive, Ste. 202
St Louis, MO 63127
Website - www.bogettoandassociates.com
Telephone - 314-858-1602
Email - peter@bogettoandassociates.com
10805 Sunset Office Drive, Ste. 202
St Louis, MO 63127
