When I ask people how they envision their retirement, especially younger individuals, they struggle with that question. Envisioning retirement can be different for a lot of people. For me, I absolutely love every minute of what I do. I cannot see myself retiring completely, at least not at this point.
One of the easiest ways to keep saving and investing goals is to set up automatic deposits or investments. Payroll deduction for 401(k) contributions or reimbursement accounts are great examples – you never have possession of the cash, so you don’t feel the pain of taking it out of your spending money. Contact your human resources department now about starting or increasing your contributions.
Good markets will always, eventually, go bad. With preparation, planning and professional financial counsel, that doesn’t have to be true of your portfolio.
Keeping cash under a mattress may be an outdated idea, but it’s important to include cash or cash alternatives in your financial strategy. The amount of cash you need — and where to keep it — depends on your situation.