Robert A. Imparato, Jr CFP®

CERTIFIED FINANCIAL PLANNER™ professional

 

Craig A. Hyldahl CFP®

CERTIFIED FINANCIAL PLANNER™ professional

 

R.I.C.H. Planning Group, LLC

105 Fieldcrest Avenue, Suite #507

Edison, NJ 08837

 

Robert: 732-326-5240

Craig:   732-326-5240

Fax:     732-326-5331

 

Robert: robert@richplanninggroup.com

Craig: craig@richplanninggroup.com

Website: www.richplanninggroup.com

May/June 2021

Investing at Every Life Stage

Investing at Every Life Stage

Over your lifetime, you’ll have many goals to save for. Some will be shorter-term, while others, like retirement, will continue throughout your working years. No matter where you are in your investing journey, prioritizing your goals and assessing your progress are essential steps.


Your Early Career
When you’re in your 20s and 30s and just starting out, you’ll probably have multiple goals competing for limited dollars. But you’ll also have an advantage: a very long investing time horizon. At this stage, focus on laying down a solid financial base. Your priorities should include:


  • Paying off student loan debt.

  • Saving six-to-twelve months’ worth of living expenses in an emergency fund in case of a job loss or an unexpected bill. You’ll need an emergency fund at every life stage.

  • Saving for retirement. By starting early in your career, you’ll have many years to benefit from the potential growth of your savings. Your long time frame generally means you can take more risk with your investments.


At the Midpoint
During your 40s and 50s, you might have competing goals: saving for your children’s college and your retirement. Keep in mind that you’ll need to save more for retirement than for any other goal that you have. If your retirement plan allows, take advantage of automatic contribution increases whenever you get a raise. At age 50 and older, you can also make annual catch-up contributions. Mid-career is an appropriate time for you and your financial professional to assess your progress toward achieving your goals and make changes if you’re not on track.


In the Final Stretch
Once you reach your 50s and 60s, your children may be out of college and on their own. Pumping up your retirement savings by building assets in brokerage or other non-retirement accounts can provide flexibility when you’re ready to start living off your assets. Reduce your risk by holding a portion of your portfolio in lower risk investments to avoid selling stocks when values are down. But be sure to keep a portion of your portfolio in equity investments to provide a cushion against inflation.

GE-3453895(2/21)(Exp.2/23)

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Securities offered through Equitable Advisors, LLC (NY,NY (212) 314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN). Investment advisory products and services offered through Equitable Advisors, LLC, an SEC-registered investment advisor. Annuity and insurance products offered through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC; in Utah as Equitable Network Insurance Agency of Utah, LLC; and in PR as Equitable Network of Puerto Rico, Inc. Equitable Advisors and Equitable Network are affiliated companies and do not provide tax or legal advice. R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. Equitable Advisors and Equitable Network are brand names for Equitable Advisors, LLC and Equitable Network, LLC, respectively. GE-4833845.1 (7/22)(Exp. 7/24) CFP® and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc.
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