Retirement security depends on planning, experts say
Steve Baleno has been in labor for over 30 years. With his first job, he started to save for retirement and increased his savings every year as his salary increased.
Now 56 years old, the pension plan is on the road to see if the last few years have been running different scenarios.
“It gives me security to know that I can retire,” Baleno, who has an engineering degree, said. “I don’t want to work longer than what I need.”
Many Americans are not as confident as Baleno in their ability to retire safely.
A new retirement concerns involves not saving sufficiently, eating inflation in savings, and interrupting the benefits of the government. NATIXIS Investment Managers questionnaire. Earlier this year, the company questioned 750 Americans.
The latest performance of the S&P 500 increases the optimism of the Americans, while 21% of the surveyes are still “a miracle” to retire safely. However, experts say that most people do not need anything extraordinary to feel safer in retirement.
“They don’t need a miracle, they need a plan,” Natixis investor Insight Center General Manager. He said. “You must be honest about what you really focus on what you are doing and what your future cost can be, what kind of lifestyle you will have.”
A plan is always the right answer ‘
“It is always the correct answer to bring together all beings and deposit them according to a plan,” He said.
It is also important to review your plan and make changes based on emotions.
“Most of the news and economy will have a significant impact on long -term wisdom in the short term, in the short term.” He said.
How to create a plan for retirement
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When planning retirement, there is a lot to consider, including social security, pensions and personal savings expected and lifestyle expenses. In addition to a financial consultant, you can get help from software and other tools.
“This is a super complex mathematics equation we give to people.” He said.
Inflation can make planning difficult to plan long life and return variables. “I think a financial advisor is entering the equation,” he said.
The value of the advice is higher than the correct asset allocation mixture. Andy Reed, President of the Behavioral Economy and Research in Vanguard, said, “This is also emotional value” and “a relationship with a reliable person,” he said.
Even if artificial intelligence vehicles become more common, it is not clear that talking to a gene AI chatbot will offer the same emotional value a human consultant can do. ”
Vehicles from sites such as planning investor.gov– You were bold And Strengthen It can help people understand, monitor and predict their financial situation to check if they are on the target.
Software planning tools and professional recommendations do not have to exclude each other. “A large part of our users – probably 15 or 20% – have consultants and share the plan they have created with us with their advisors and use it as a second opinion,” Stephen Chen, the founder and CEO of Boldin. He said.
Once Baleno feels good about the possibility of a successful retirement. “But it is a great feeling to understand that I can retire when I choose.”
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