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Plan for your financial future now

Life is full of surprises. We’re all witnessing that first-hand these days. Something that may not have been in your plans a few years ago, or maybe even a few months ago, might now be a top priority. Life can throw curveballs. That’s why it’s important to be prepared by planning and saving for your financial future now.

Results take time

Like most things in life, the more you plan, the better prepared you are. It’s the same idea for most people who are currently enjoying life in retirement. They probably started saving years before they were able to achieve their retirement goal. Financial freedom doesn’t usually happen overnight. It takes time. It also takes a plan.

Taking steps at any age

Creating a financial plan of action is the first step toward reaching your short-term and long-term goals. If you’re not sure how to get started, here are a few things to consider based on your current age.

Under 35

1. If you’re not saving in the Cone Health 403(b) retirement plan, start today. Enroll by visiting your retirement plan website.
   
   
2. Once you start saving, increase your contributions every year, if possible. Setting up automatic increases each year is a great way to make this easier.
   
   
3. Create a budget to track your spending.
   
   
4. Start early to take advantage of compound interest.

Between ages 35 and 50

1. Determine how much you’ll need in retirement.
   
   
2. Figure out your income sources (retirement savings, Social Security, etc.).
   
   
3. Check your savings regularly to make sure you’re on track.

Ages 50 and up

1. Ensure you have the right investment mix to meet your goals.
   
   
2. Catch-up contributions allow more tax-deferred savings.
   
   
3. Review your Social Security information.
   
   
4. Create a plan to live on your savings when you stop working.
    

Your financial professional is always available to answer any questions and help you decide on a course of action.

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