The process of retirement planning can be compared to conducting an orchestra. A lot of parts need to be in sync and in optimal condition to produce a whole picture that is both organized and productive. While we arguably aren’t the best at playing violin, we are confident with our long-term investment strategies. RFG Global is your source for safe and sound retirement investment strategies, working hard to find the best options for optimizing your future. Our team of experienced professionals works to swim through the thousands of options available in our modern marketplace and produce a portfolio that is low-risk and provides impressive income. There are many mistakes that one can make when setting up their retirement plan. Last week, we covered a few of these retirement fallacies and how to best avoid them. Today, RFG will look further into mistakes people make when constructing their retirement savings plan. Ultimately, our retirement planning tools can help to avoid all of these planning gaffes!
Not Updating Saving And Investments
A common occurrence in this country is the act of not increasing financial savings after a pay raise. Many people look at their increased income and think of it almost as free money. While this is great for enjoying dinner and the movies, it is not conducive for long-term financial health. We recommend increasing your monthly savings to match the raise, meaning that you’ll still have more spending money but a higher amount in the savings account. As all investment pros will tell you, more investments tend to lead to higher income in the long run. Putting that extra income into one of our safe investment options will prove much more fruitful than splurging for the extra large popcorn at the theater.
Paying Steep Fees
While your account fees are impossible to avoid, it’s important to make sure that they aren’t exorbitantly high. Often times, people are convinced to pay a high fee amount due to the high yield that they can expect in the future. Even if your portfolio does pay off in the long run, many times the cumulative fees account for a major source of profit loss. Our strategy utilizes safe, secure investments that produce moderate results with minimal fees. Slow and steady wins the race, and it also makes for a sound investment strategy!
Cashing Out Often
In the investing world, cashing out your 401k or retirement pension may sound like a smart choice for avoiding incoming financial issues. Current attitudes reflect this idea, where younger citizens are taking their money out whenever they change careers or need the money for a big purchase or investment. RFG recommends against this! The fees associated with premature cashing out can be very damaging. A certain percentage may be kept in the process as well. Ultimately, you’ll be wasting money in order to gain cash in the near future. Eventually, this habit will leave you high and dry on supplemental retirement income.
The retirement planning process can include dozens of different options for obtaining financial security. Conversely, there are approximately just as many errors that can be committed that will sabotage your retirement period. RFG Global works to actively monitor and adjust your portfolio to ensure that the best steps are taken in the customer’s best interest. If you’re interested in our innovative retirement planning tools, feel free to contact us today!