Retirement Planning Takes Time, a Comprehensive Strategy and an Experienced Advisor

April BOY 24013 Blog Cover

Retirement planning – it’s a vital aspect of ensuring a healthy, responsible financial future yet often gets pushed aside, especially when your family, career, businesses, and assets take up the majority of your attention in everyday life. In fact, more than 11,200 Americans will turn 65 every day – over 4.1 million yearly – this year through 2027. But half of the nation says they’re falling behind on saving for the future or simply feel they don’t have enough for retirement.

At Boyd Insurance & Investments, it’s not only our business to provide you and your family with Protection For Life but also to prepare you for life after work with comprehensive strategies for reaching your unique financial goals. And with National Retirement Planning Week approaching here in April, there’s no better time than now to start planning for what’s ahead decades down the road. Here are three smart ways you can get ready for retirement now, so you can truly feel peace of mind in your golden years. 

Start Early and Save Consistently

Time is your most valuable tool – and asset – when it comes to saving for retirement. The earlier you start saving and investing, the more runway your money has to grow through compound interest. Consistent contributions, regardless of if they’re initially modest, can make all the difference over the years. One of the most proactive steps you can take today is setting up automatic transfers from your bank account into a retirement account like a 401(k) or IRA. And, it’s important to have a solid plan in place with an experienced investment advisor, like our Vice President of Financial & Retirement Planning, Nicholas Zec, who can help guide you through solutions that are tailored to your life’s unique needs. At Boyd Insurance & Investments, our family not only offers retirement income plans and IRAs and Roth IRAs but also retirement plan rollovers, 401(k)s, SIMPLE and SEP retirement plans, deferred compensation plans, and more.

Diversify Your Investment Portfolio

Have you identified your risk tolerance? An aggressive investment strategy may lead to significant gains. However, there’s a higher chance of big-time losses Diversification of your investment portfolio, dipping into different asset classes like stocks, bonds, real estate or non-traditional assets such as art, mitigates risk and helps maximize returns because you’re not placing all your eggs in one basket. Even while you’re in retirement or as you’re approaching your final years in the workforce, diversification can help preserve capital that you’ll need and want for living your life on your terms.

Always Stay Informed and Adjust as Needed

The financial landscape is always changing – just ask our investment advisors! Like the market transforms over time, so can your life. Your ultimate financial targets, goals along the way and even the strategy for achieving your dreams can change because of unforeseen circumstances and events out of your control. And this is why it’s wise to not only stay informed on market news and trends but also to regularly review your investment performance and retirement plan. 

Periodic check-ins with your Boyd Insurance & Investments advisor can help ensure you’re on track to meet your retirement goals and make any needed adjustments – like reassessing your risk tolerance on the road to reaching retirement age or tweaking your contributions as your income increases. Investing for the future is about playing the long game and acting to not only protect your wealth but capitalize on opportunities. 

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