Retirement can be a scary word. Many people simply don’t want to talk about or don’t understand finances and retirement. If this is you, don’t worry, you’re not alone. With our shaky economic ground, retirement plans have been halted for many people. Knowing what to do with your money has become extremely frightening for many, but equally as important.
According to financial advisor Paul Dolce, an important step is to find someone to help you. An advisor is someone that should be able to guide you through the hard times and lead you to the right kind of retirement for you. Take your time, get to know your advisor, but more importantly make sure that he gets to know you and your needs. A good advisor will not push investments on you without learning about you first. If your advisor doesn’t do that, it’s time for a new advisor.
Another question on many young people’s minds is whether or not to start investing in your 401k. Some think that investing in your 401k in hard times will ultimately lead to a large loss of money. Experts say, however, that this is not necessarily the case. Most of the time, investing in your retirement is a good idea, especially in the companies with 50-100% match. A high match is a good sign, and worth your investment. If you’re still not sure about your company’s 401K plan, ask someone. Don’t be ashamed to ask questions. It’s your money and your right to know what’s happening to it.
Lastly, don’t be afraid to not know. Most people don’t know much about their retirement. In order to invest in smart manner, do your research. Read, talk, and discuss all the issues to find the right fit for you and your family. Retirement in a shaky economy doesn’t have to be scary. If you are prepared, you can still be hopeful for your future despite the situation around you.
For your benefit, here are some great links with very helpful information.