In an ideal situation, financial advisors like Matt Dixon recommend starting as early as possible to save for retirement. However, for many people in Greenville, SC, saving when they are young and trying to pay off student loans, buy a home, raise children, and build their lives is often a challenge.
In reality, for most of these people, savings for retirement are possible. Still, it takes the experience and expertise of professionals like Matt Dixon. However, even if you are starting late, there are some options to maximize retirement investment.
Consider Flexibility in Retirement
Starting late in retirement planning may be an advantage, according to Matt Dixon. Most professionals are making significantly more income towards the end of their career, which allows for greater investment potential in a shorter period of time.
In addition, many people in Greenville, SC, have reduced debt, paid off their home, and may have reduced or eliminated many of the expenses of having children in the home and even funding one or more college tuitions for the kids.
Working for one or two more years beyond your anticipated retirement date can maximize your investments when combined with tax reduction and sound financial planning.
Look at the Big Picture
Working with a financial advisor helps to address the big financial picture. Simple changes in budgeting, money management, and looking at the most effective retirement and investment strategies can rapidly build up retirement, but only if it is approached in a comprehensive strategy.