Even if you seek professional help, when investing for retirement you can’t blindly turn the reins over to someone else. You must learn enough to understand the difference between quality advice and a quality sales pitch.
You can't afford to make mistakes at this stage. To keep you on course, here are the four things you must do when investing for retirement:
1. Spend Time Educating Yourself About Investing For Retirement
- Attend free lunch and dinner seminars about retirement investing – people who host such things are rarely providing education, they’re typically just trying to sell you something.
2. When Investing For Retirement Seek Professional Assistance
When I say seek professional assistance, I mean exactly that - find a professional, not a sales person. You need a trusted advisor who understands that this is your life savings.
Here’s how to start your search for the right qualified financial advisor:
- 7 Step Process To Find The Best Financial Advisor
- What is the Difference Between a Fee-Only and a Fee-Based Advisor?
- What Is A Typical Financial Planner Fee?
3. Lay Out A Retirement Investment Plan – And Stick With It
Two quotes to hang your hat by:
- People don’t plan to fail, they fail to plan.
- If you don’t know where you’re going, than any road will get you there.
If you don’t have a plan or don’t know where to start than read:
- 5 Steps You Must Take Within 5 Years of Retirement
- 4 Steps To Determine How Much Money You Need To Retire
Once you have your overall retirement plan, then you lay out your investment plan. When it comes to the investment portion of your plan, remember, there are numerous ways to get from point A to point B. The key to success is KISS – keep it simple, stupid!
Think of your investments like employees; each has an assigned task. Your growth investments have 10-15 years to accomplish their task. If a few bad years in the market come along, and you interrupt them, they will never accomplish their goal.
You must understand the time frame associated with each piece of your retirement investment plan, and let it do its job. To learn more read:
4. Avoid Common Mistakes People Make When Investing For Retirement
Most investor’s success happens not because they make all the right decisions, but because they avoid the wrong ones. These articles can be a great starting place to keep you out of harm's way.