4 Strategies to Help Grow Your Nest Egg
Investing for retirement is one of the biggest financial undertakings most people will experience in their lifetime. With all of the different investment products available, getting started on growing your retirement fund can be a bit overwhelming. Let’s take a look at some of the tips you can use to help you on your path to financial security.
Some of the most common investment advice is to start saving your retirement fund early. One tip is to open an IRA early. From student jobs to your career, starting to save as much money as possible can help you retire early and start living your dream. The benefits of investing early are that the longer you save, the more money you can save for retirement.
Another way to grow your retirement is to save money at regular intervals. The benefits of investing in small chunks of money more often are that it can help even out the fluctuations in the market. When you invest on a schedule, you are more likely to buy low sometimes and buy high occasionally too. Ideally, these highs and lows will average out to a steady return rate. If you wait for your maximum IRA contribution at tax time, the market may be high and you will end up losing some of your investment when it drops again.
You may be hesitant to add one more thing to your weekly to-do list. But automating your investments can take seconds to set up and help you save for your retirement. Whether you choose weekly, bi-monthly, or monthly investments, these increments can come out of your paychecks and go right into your savings accounts.
Consider an Investment Adviser
If you choose to buy individual stocks rather than investing in funds that incorporate many different companies and business sectors, you may want to consider seeking advice some a retirement manager. An investment adviser can help save you time, worry, and money by doing your own research. Your investment manager can also suggest ways to balance your stock portfolio that is appropriate for your retirement goals.
Growing Your Retirement Fund with WeberMessick
Want more information on filing your taxes? Contact WeberMessick today! Since 1984, WeberMessick’s team of CPA’s and financial advisors have been helping individuals and businesses throughout the Maryland and Delaware devise a plan for their finances. With a “client-first” philosophy, WeberMessick has been helping their clients achieve financial success. Whether it is through financial planning or our accounting services, WeberMessick is always here for you!