Plan and save for retirement. It sounds easy enough, but it can be hard to do. Getting started can be a challenge. And even if you are already investing, you need to revisit your strategy regularly, to ensure you are maximizing your savings efforts.
If you're just getting started, you most likely have a while to go before you retire. The longer your time horizon, the greater your chances of reaching your retirement savings goal. Why? Because time gives compounding—earning interest on your interest—a chance to work. And, it gives long-term investors a chance to recover from market downturns.
Nearing retirement - you've been saving and investing for a long time—and now you're in the home stretch! But getting closer to retirement doesn't mean you should stop investing. In fact, it’s likely you earn more now than you did in mid-career. It may be be a good time to increase your savings.
Once you retire, your income will most likely come from four sources: Social Security, company-sponsored retirement plans, IRAs and taxable invested assets. The right asset allocation will consider your risk tolerance, your time horizon and your current assets. You and your advisor should discuss these options now, so that your portfolio is appropriately allocated at retirement.