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ן»¿Wealth advisers offer tips on planning for financial futures at various stages of life
There can be many metaphors for the stages of investing. There is "to every thing there is a season" or "plant a garden and watch it grow" or maybe more apt for the Derby City: "Get a good start out of the gate and cross the finish line a winner."
Someone who is 25 years old and just starting a career and family is going to have different goals and need different strategies for saving and investing money than someone who is on the brink of retirement.
Of course, there are special circumstances, crossovers, and no one plan fits all. But for the purposes of this article, those stages are divided by ages.
At the starting gate: 20s and 30s.
Although retirement may seem a long way off to someone just beginning his or her career, the best advice for young people is to begin investing early, said Alan Mercurio, president and CEO of Louisville's Mercurio Wealth Advisors.
"Take advantage of your employer's 401(k). Just investing $25 to $50 a month will make a huge difference down Comprar Gh Jintropin the road," he said. "You will be investing with a pool of other investors and have instant diversity for little money."
Barb Geltmaker, president Cialis Uk Next Day of Horizon Wealth Management in New Albany, agreed, encouraging investors to contribute to 401(k)s whether their employer matches their contributions or not. "Often that is all a beginning investor can manage along with house and car payments," she said.
If a 401(k) is not an option, there are Roth IRAs, advised Neil Quinlan, partner and certified financial planner with ARGI Financial Group in Louisville. "There is no current tax break. But in the long term, the benefit is huge. I say, 'Pay tax on the seed, and reap the harvest tax free.' "
A Roth IRA is an individual retirement plan in which contributions are not tax deductible and qualified distributions are tax free.
Once married with a family, a young person might want to start saving for the children's education, but they Buy Cialis Cheap might not be able to decide so early if they will finance all or part of the education.
"There is no right answer," Quinlan said. "But you "Buy Cheap Jintropin Online" will have to look at how education costs are going to affect cash flow during those years."
All of the advisers stressed that an early plan will help an investor get to where he or she wants to be.
"Visualizing a plan for your financial life is so important. What are your dreams? Do you want to travel? Want a vacation home? Where? Do you want an early retirement? Leave an estate for children?" Geltmaker said. "You can't accomplish it if you don't visualize it."
Rounding the second curve: 40s and early 50s.
In their 40s and early 50s, investors typically still are working and have accumulated assets. They need those investments to continue to grow. Some even begin to start thinking about retirement.
At this stage, investors begin to consolidate accounts to make their investments simpler, allowing them to keep a closer eye on what is happening in terms of the economy, said Tawana Edwards Maggard, co CEO and chief fiduciary officer with The Glenview Trust Co. in Louisville.
"Investors are starting to make more sophisticated choices such as creating individual stock portfolios and exchange traded funds, which can be managed better," said ן»¿Generika Levitra Neil Quinlan, a partner and certified financial planner with ARGI Financial Group in Louisville. "They carry lower fees than mutual funds."
At this age, Quinlan said, it is time to make sure 401(k)s are allocated properly "to have maximum affect." There are several funds that assume a person's allocation simply depending on their age. Quinlan advises clients to do their research before making that decision.
At any age, he said, "you should be looking at the risk you want to take in the market," but especially at this age, clients Buy Cialis Tablets shouldn't let the age qualification be the only determining factor when choosing their allocations.
"You can determine the amount you want to allocate on your own," he said. "It just depends on how much you are willing to put into the market."
Once an investor has gotten to the point of purchasing individual stocks, "you really need an adviser looking at your account, watching the trends, reading the tea leaves. An adviser can help keep you invested or get you out of the way of the train," said Alan Mercurio, president and CEO of Louisville's Mercurio Wealth Advisors.
Coming down the stretch: mid 50s to retirement.
Now is the time to understand what retirement looks like.
"This is when we start to see a lot of people," said Tawana Edwards Maggard, co CEO "buy cheap jintropin online" and chief fiduciary "ן»¿Comprar Gh Jintropin" officer with The Glenview Trust Co. in Louisville.
"They come to us to work out projections and plan for retirement. They want to know what Social Security will pay and how much they will have if they put X amount of dollars into an account for 10 years."
The older you get, typically the more money you are making and the more you can save, said Barb Geltmaker, president of Horizon Wealth Management in New Albany. "If you have started early, you will be far ahead of most people.
"It's time to hunker down and save aggressively. Know that Social Security won't cover all your retirement expenses," she said.
Many people underestimate lifestyle costs, medical expenses and inflation, all of which can affect a person's retirement lifestyle.