Saving for Retirement
Two Rules of Successful Retirement Saving
Rule #1: Use time to your advantage
When saving for retirement, the greatest asset you have is time. Start as soon as you can, and, if you have access to a 401(k) or an IRA, find ways to set aside money to contribute on a regular basis. A financial advisor can show you how compounded returns can potentially increase the value of your investments over time.
Starting Early Can Make A Big Difference
Value of Account at Age 651
Rule #2: Find the right investments
Over time, the investments you choose will greatly influence the outcome of your retirement savings efforts. Investing too conservatively may result in your retirement savings not experiencing the desired long-term growth. Investing too aggressively may mean more volatility than you're willing to accept. Build an investment growth strategy to balance your goals and concerns.
Work with Experts
Because retirement takes a good deal of planning, it helps to have experts to support you.
- Knowing you and understanding your unique situation
- Working with you to define goals and determine a path to get there
- Providing expertise to help you make wise financial decisions along the way
Assess Your Retirement Situation
To make the most of the time you spend with your advisor, you may want to get organized ahead of time by:
- Prioritizing your goals
- Calculating your expenses
- Determining your potential sources of income
- This example is for illustrative purposes only and does not represent the peformance of any Franklin Templeton Fund. The table assumes a 7% annual rate of return compounded monthly and no fluctuation in principal. Investment return and principal value of an investment in a Franklin Templeton fund will fluctuate with market conditions, and you may have a gain or loss when you sell your shares.