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5 Steps to Planning for the Future

Posted On: February 23, 2015

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  1. Set goals. Identify your short- and long-term goals, outlining how much you want to accumulate for each goal and when you will need the funds.
  2. Create a budget. Financial goals can’t come tofruition without a plan to reach them. Analyze your sources of income and tally up your expenditures (fixed and variable) to see where you stand. Cutting back on expenses and adding more to your savings column will help you reach goals faster.
  3. Contribute to your employer-sponsored retirement plan. Consider contributing the maximum amount allowed or at least enough to receive any employer matching contributions (if available through your plan).
  4. Use your retirement plan’s automated features such as rebalancing and auto escalation, if available. These convenient tools help you keep your original asset allocations on target and keep retirement savings a top priority.
  5. Consult a financial professional. It’s a smart move to have a financial advisor review your goals with you and help you fine-tune your plans to reach them. Your advisor will take into account your financial goals, investment timeline and risk tolerance.


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