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It’s easy to find a ton of tools designed to help the “small” investor build up a retirement fund. There are online calculators, websites, live interviews with experts, and more charts and graphs than you can shake a stick at.
That makes information overload all too easy, doesn’t it? Actually, successful retirement investing isn’t all that complicated. In fact, you can boil it down to these three retirement investing tips:
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Invest 15% of Your Income for Retirement.
You can run all the calculations you want to see how much or how little you can invest and have a comfortable retirement, but Dave's investing philosophy and many other top financial advisors have nailed that figure down at 15%. Investing 15% of your gross income is enough to build a sizeable retirement fund while still allowing you to enjoy your life today.
You’ll also work on other financial goals at the same time, such as saving for the kids’ college and paying off your home early. It’s important that you tackle those goals in that order. Retirement takes precedence over a paid-for home and college tuition because neither will put food on your table when you retire.
Make Your Plan and Stick to It
It will take decades of consistent investing to build your retirement fund. In that time, you will see stock markets rise and dive. And, like nearly every investor, you’ll be tempted to invest more when they’re on the upswing and pull all your money out when they dip.
But a successful investor makes investing a habit and sticks to the plan no matter what the markets are doing. That’s how you achieve the time-honored investing adage: “Buy low and sell high.” Many investors ignore this advice and try to chase the markets for bigger returns. But jumping in and out of investments can ruin a retirement fund since timing the market is a losing battle for most investors—and even most experts.
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Get Professional Advice
The advice of an experienced investing professional can make a big difference in the success of your retirement investing plan. An advisor will not only help you choose better funds, they’ll also prevent you from cashing out your retirement funds when the stock market inevitably slumps.
It’s important to work with an advisor you trust to give you good advice and answer all your questions without sneaking in a sales pitch for the latest investment. Find a top investing advisor in your area through Dave’s network of local investing professionals.