10 Years to Retirement? 7 Moves You Must Make!

"Failing to plan is planning to fail." – Benjamin Franklin

It's almost high time for you to think about whether the future has cash savings that will retire the way you have always longed for it or if you are gambling with it. One decade over, that well deserves to become an important marker-nearly-but no more for age as a controlling facet in one's financial destiny. It will show you all those steppingstones toward securing your future, with warning signs that can lead to derailing your plans with the common pitfalls.?

1. The Ticking Clock: Why You Can't Afford to Wait

“66% of millennials have zero retirement savings” - Source: National Institute on Retirement Security (NIRS).

Your time is your greatest asset, and it is getting released from your hold much more quickly than you can imagine. Every single year you delay acting is a year you have denied yourself the opportunity to grow your wealth. Future decisions determine whether you will spend your early autumn of life in ease and comfort or struggle to make ends meet. Start planning now, though: Yourself at some future date will thank you.

2. Establish Your Financial Roadmap: The Cornerstone of Retirement Success

“72% of households do not have a written financial plan” - Charles Schwab?

Drive through the unknown without a map or GPS, and you'll make it to the end of the road at some point. More likely than not, it won't be fun or efficient, full of needless detours, but you could reach the destination or not. That's how this is: without a complete financial roadmap, you risk veering off course and jeopardizing your future by retirement planning.

“69% of households have less than $1,000 in emergency savings” - Associated Press

Financial planning is all about aligning existing resources with future long-term goals-not just saving and budgeting. Here is the why:?

• Clarity and Direction: A financial plan helps you define your retirement goals; from the lifestyle you want to the legacy you wish to leave. It also identifies how much you need to save and invest to make these dreams a reality.
• Risk Management: Life is unpredictable. A well-crafted plan accounts for potential challenges such as inflation, healthcare costs, market volatility, and changes in tax laws. It provides strategies to mitigate these risks and keep you on track.

“34% of all Americans have $0 in savings” - CNBC

The more complex the plan, the greater the value it can attach to ascertainable eventualities. The events that life may happen to trigger may be many; inflation and costs of health care would be one, as would fluctuating prices on the market, alteration in tax laws, and many others. Financial Planning thus enabling avenues into or creating avenues for risk mitigation and keeps the individual on track.

Confidence and Peace of Mind: Having precise, detailed plans and anticipation clears the air in the mind about the future. This means that you have the right tickets to make the decisions that need to be made at this present time with the belief that tomorrow will be secure.

“83% of people that set financial goals feel better about their finances after just one year"- Business Wire

At Confluent Asset Management, we design your financial blueprint around your actual situation. Our methodology comprises:

• Understanding Your Goals: We ask about what you see when you think about retirement, but we also want to understand your priorities and what your own financial standing looks like.?
• Statutory Development for Strategy: It formulates a systematic plan that considers saving and investing, tax optimization, as well as risk management.?
• Continuous Support: Life is not static; thus, your plan should also not stand still. We continuously review and revise your strategies according to new changes in your goals or circumstances.

Great, no leaving things to chance in the future. Book a consultation just now to get started building your unique retirement roadmap and find your way toward financial freedom.

3. Boost Your Nest Egg: The Power of Catch-Up Contributions

Those who are at or above 50 should utilize this additional catch-up contribution opportunity to one day supercharge their retirement savings. Next year, one will be able to add an additional $7,500 to his or her 401(k) contribution, which could exceed the usual $23,000 limit, and make another $1,000 contribution to an IRA in addition to the $7,000 max amount.

“Only 2.5% of households are utilizing 529 college savings accounts” - Federal Reserve

It also saves us for the future. That's absolutely every possible muscle one could make use of for future security. Highlight how super dynamic investments could be made by speaking to your financial consultant.?

4. Diversification: Your Shield Against Market Volatility?

The market is unpredictable. It can cause an economic downturn which can endanger savings because a person has not diversified. Thus, diversification is crucial for protecting investments while securing the maximum growth opportunities. Portfolio investment balance contains various asset types that minimize risks while capturing returns.?

The Wealth Management Program helps guide your investment to stay aligned with your path during the market turbulence. Don't let volatility take you off course - come consult us with any questions on implementing an investment strategy that will stand the test of time.?

5. The Longevity Challenge: Planning for a 30+ Year Retirement?

Increases in the average life expectancy imply that your retirement could span even three decades or more. However, ensuring that one's money lasts just as long is the challenge here. It requires careful investments in sustaining income, effectively managed healthcare costs, and an instrument to combat inflation over time.

“84% of millennials are underinsured” - Savology

Partner with an advisor to produce a wellbeing plan that continuously generates predictable income streams into retirement. From guaranteed income solutions to flexible investments, we'll help secure your financial independence, no matter how long retirement lasts.?

6. Tax-Efficient Strategies: Keep More of What You Earn?

Mismanagement of taxes would really eat into your retirement income. Well thought-out tax planning over your investment period reduces your liabilities and maximizes the after-tax returns. Some methods of tax planning include:?

• Using tax-deferred accounts?

• Employing tax-loss harvesting?

• Managing the timing of withdrawals

“38% of households have revolving credit card debt” - USA Today

Consult a financial professional on how these will help you retain as much of your hard-earned income as possible.?

7. Dream Big, Plan Smart?

Retirement is more than just covering costs; it is fulfilling one's own dreams. Whether you want to travel around the world, practice a new hobby, or create a new page in the legacy for your family, those requirements need financial planning.

“76% of millennials are not financially literate” - Nefe

Confluent Asset Management has been in the business of transforming retirement dreams into actionable plans. Together, let's create a plan that will motivate and secure your future. Contact us today to start planning the retirement you deserve.?

Act Now

“38% of households have revolving credit card debt” - USA Today

Time is running out; every second counts. Don't let procrastination steal your retirement. Call our expert advisers for a meeting where we will map out a personalized plan to provide you with financial freedom. There, together, we will help you achieve confidence and security for the upcoming years. Get started right now-your future self will thank you for it.?

Reference:?

https://www.nirsonline.org/2018/02/new-research-finds-95-percent-of-millennials-not-saving-adequately-for-retirement/?

https://www.businesswire.com/news/home/20171221005757/en/Quarters-Americans-Set-Financial-Goals-2018?

https://www.federalreserve.gov/econresdata/notes/feds-notes/2016/saving-for-college-and-section-529-plans-20160203.html?

www.savology.com?

https://www.usatoday.com/story/money/personalfinance/2017/01/24/heres-the-average-americans-credit-card-debt-and-how-to-get-yours-under-control/96611546/?

https://www.nefe.org/news/default.aspx?

Disclaimer?

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