Planning for retirement is often something that younger adults see as something to do in the future. However, as Registered Financial Consultant Matt Dixon points out, the earlier people begin to save, the more they can take advantage of compounding interest to rapidly build their retirement fund while also helping to reduce their current tax liability.
Have a Goal
People in their twenties and thirties in Greenville, SC, often believe that paying off student loan debt and paying down mortgages should be their priorities. While these issues are important, the advantages of even small savings investments can amount to hundreds of thousands of additional dollars earned over 30 or more years.
Meeting with Matt Dixon is the first step in the process. This is essential to begin to understand the amount of retirement savings you will need to retire when you want and have the freedom to do what you want. This is individual for each person or couple, but without any idea of what your retirement should look like, it is impossible to know how much to save.
Develop a Plan
With the guidance of Matt Dixon, individuals and couples develop a saving and investment plan to achieve their retirement goals. Over time, investments and portfolio diversity will change to accommodate lower overall risk the closer you get to retirement.
Consider All the Options
There are many different ways that people in Greenville, SC, can save for retirement and manage their wealth. Developing passive income streams, ensuring you have the right types of insurance, and developing tax-efficient strategies are all ways to grow your savings and still have the funds you need to enjoy your life today.
