Whether you’ve been working for many years or you are just getting your feet wet in the corporate world, thinking about your retirement one day is never something you can do too soon.
For starters, the economy can change on a rather regular basis. Secondly, your ability to stay gainfully employed over time can dissipate too. When you throw in the rising costs of health insurance and other expenses at times out of your control, the frustration and even anxiety can set in.
That said do you truly feel good about your financial future?
If the answer to that question is no, what can you do about it to reverse that feeling, allowing you to be properly investing in your future?
Work with Money Experts
So that you can feel a little bit better about where your financial future will be taking you, keep the following pointers in mind.
- Job – First and foremost, are you making the right amount of money in the right career at this point in your life? Yes, some people are essentially saddled with the jobs they have, not having many if any options for finding something better. That said keep your eyes and ears open if you are struggling with your current income. Jumping at a better job opportunity, one that gives you more financial security and a better feeling about where you are headed in life can make all the difference. While some things are out of your control, where you are headed in life doesn’t have to be one of them.
- Investing – Would you consider yourself a good investor? If not, once again, there are steps you can take to improve upon that key area of life. From being more educated about financial investing to finding the right expert or experts to help you, don’t feel as if you’re all alone on an island when it comes to investing. The Internet is a great resource tool, allowing you to absorb lots of investing information. In doing so, you can do better at understanding where you should be financially at this point in your life, how you can improve if necessary, and how to steer clear of practices that can damage your finances now and down the road.
- Opportunities – Do you take full advantage of the financial opportunities that come your way? For example, are you currently receiving healthcare benefits at work? If not, is that because of choice or your employer doesn’t offer them? If it is the first option, why would you pay out-of-pocket for such costs when your employer can pick up a small portion or almost the entire tab? Secondly, if working for a company where health insurance is not available, is it time to find one where that option is available? Overtime, you will age and typically require more trips to the doctor etc. In doing so, having your employer pay a sizable share of those expenses can keep you from depleting a savings account, tapping into an IRA (Individual Retirement Account) early etc. Also look for opportunities to increase your present salary. While you can’t expect a raise every year, you also shouldn’t go five years etc. without a raise to try and somewhat balance off the cost of living expenses. If you feel like you are being taken advantage of, look for another job sooner than later.
- Outlook – Finally, while no one can (or should at least) take life for granted, you are wise to think about where your life is headed. Yes, you could die today for any number of reasons, but you could also live for many years to come. Assuming it is the latter, knowing you have some breathing room when it comes to your financial well-being is important. If not already, think about where you’d like to be when retirement finally does come. Do you want to travel? Are you thinking about helping your grandchildren attend college? Would you have enough money put away if you had a sudden health crisis? Thinking about how you will handle such possible events (and many more for that matter) is certainly not a bad way to be prepared for the future.
With that being the case, as you head into 2017 very soon, how do you feel about your financial future?