The Most Important Part of Financial Planning: Why do I Need Goals?

Planning candidates have a difficult time getting started for a number of reasons, some of which are: "I’m too old," "I’m too young," "I’m too scared," "I’m too crazy," "I’m too lucky," "I’m too unlucky," "I have enough money," "It’s too complicated." The virtues of financial planning are numerous although many people find it impossible to start financial planning now. Regardless of when you start financial planning, the benefits are almost always significant. Even when you are nearing retirement age, there may still be a few years in which to, with the right investment portfolio mix, create a significant amount of capital. When you are at age 22, it will be much easier for you to accumulate a large fortune with the right financial planning. You may not even have to save that much of your monthly income to meet this goal. It is advisable to give consideration to the idea of financial planning, there are few other means of supporting your retirement.

Means of providing for your retirement is Social Security. However, will Social Security provide all the necessary income to accommodate your lifestyle at the time you retire? Also, there are significant barriers and questions related to the security of the Social Security fund, especially for Americans in the age bracket of 18 to 35. Polls today indicate that many Americans in that age group ought not to rely on Social Security for any of their retirement income.

Another means of providing for your retirement is your employer's pension fund, which usually involves, or in the past involved your company's stock. While this may be a significant investment vehicle for you, coupled with matching contributions made by your employer, the company's stock may not be all you need to meet your retirement goals. In recent years, the stock of a single company in a pension fund has fallen out of favor as an investment/retirement vehicle, although it is an excellent source in an investment mix. Perhaps the best retirement vehicle is your time period and your own savings and investment along with that advice from a good quality financial planner may actually help you to attain your retirement goals better than any other retirement vehicle. Thus, it is critical to get started regardless of your station in life, your age, or your priorities.

The Most Important Part of Financial Planning: Why do I Need Goals?

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Introduction to Financial Planning Ideas of Where to Start Your Financial Goals Financial Planners - Who Needs Them? The Most Important Part of Financial Planning: Why do I Need Goals? Let's Get Started-How? Stocks Mutual Funds Investing in Retirement Funds Investing In Fixed-Income Securities During Retirement, What Planning Should Retirees Do Before They Retire Estate Planning & Financial Planning