Fact Based List:
Michael Chamberlain: 8 Steps To Take When You're 20 Years From Retirement
Submitted by Anonymous on Mon, 11/09/2015 - 13:02
- Fully fund an emergency account of three to six months of living expenses to avoid tapping into your 401(k) or home equity in the event of an emergency
- Boost your earning potential and benefits package now by contributing the maximum annual amount to your 401(k)
- Contribute money to a Roth IRA or other account to make sure you are saving in a tax-optimized manner
- Coordinate your insurance needs with your employer’s benefits package to be sure you have adequate coverage should you become disabled
- Ensure you have a diversified investment portfolio so that you are investing for growth, and create tax diversification by allocating assets across taxable, tax-deferred and tax-free sources
- Make sure you have basic estate planning documents in place (i.e., a will, power of attorney, possibly a revocable trust, a living will, a health care proxy)
- Set a benchmark “magic number” for an adequate retirement fund and establish a step-by-step plan for reaching your goal
- Do not sacrifice your retirement to put your children through college. It is possible to take out loans for college but not for retirement
Source: Nerd Wallet
Source URL: http://www.nerdwallet.com/blog/finance/advisorvoices/8-steps...
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