Are your savings on track for retirement? In order to achieve those big goals, it’s important to have a savings plan in place to help you achieve them. No matter where you see yourself in your retirement – at the cottage, with the grandkids, taking an amazing vacation or just spending time at home – you want to be sure your finances will support you. To ensure that your savings plan is working hard towards your goals, we’ve got a few key tips to keep in mind:
1. Pay yourself first. There will always be bills to pay or one financial obligation or another that needs your attention. However, the only way to keep your savings growing is to regularly contribute to them. Even if that means smaller contributions at regular intervals, you’d be surprised at how fast something as small as $50 biweekly can grow. By adopting a “pay yourself first” mentality when it comes to your retirement savings, you’ll see your contributions grow quite rapidly.
2. Be flexible. Investments take time to grow, so staying flexible is an important part of keeping your savings on track. You will not see immediate and substantial growth overnight, but when you stay open to the natural flow of the market, you’ll see steady growth over time. The longer you keep your money invested, the more growth you’ll see.
3. Work with a financial advisor you trust. Possibly the most crucial factor in keeping your plan on track is working with a financial advisor that knows your goals and has your best interests at heart. The right advisor will take the time to get to know you, so your savings strategy aligns with your objectives and your portfolio reflects your comfort (or financial risk) levels. A professional working relationship with your advisor makes it easier to create, contribute and adjust your plan accordingly.
There are many factors that determine the success of your retirement savings. However, the most important one is this; does your current portfolio align with your long-term goals? If your investments aren’t performing in a way that contributes to your goals, then it is safe to say your portfolio is not on track. Working with a professional advisor who considers your best interests will help ensure your investments are successful. Contact Darryl Smith today at (705) 424-0562 to review your portfolio and determine if your hard-earned money is working as hard as it could be, so you can enjoy more financial freedom!