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For anyone who graduated college or professional school during the recession, it is easy to fall into the trap of living for the now. However, the life expectancy for males born during 1980s and 1990s is 73.9 and 75.4 for males, respectively, and the life expectancy for females born during those years approaches 80. As people live longer, and with programs like Social Security starting to fail, the notion of retiring at age 65 becomes laughable. If you are in your 20s or 30s and just entering the workforce, it is more important than ever to plan for your future, as well as your present, and a financial advisor can help. The steps toward planning for your immediate financial needs and goals seem somewhat obvious. Every discussion on saving money involves cutting out that cup of coffee every morning, or packing a lunch instead of eating out. Planning for your short-term goals with the guidance of a professional will likely go beyond foregoing coffee or lunch. A financial advisor can help you maximize your savings in order to meet short-term goals, such as home ownership, buying a new car, or paying off student loans. He or she will take an in-depth look at how you are using your money to create a picture showing how your current habits will align with your goals, and make suggestions about spending or prioritizing your debt. The first step in working with a financial advisor, assessing your short- and long-term goals, is to set up a meeting. The purpose of the initial meeting is to get to know your advisor and vice versa, find out your level of risk aversion and expectations, review your assets, and assess areas of opportunity for income growth. Research confirms that the more educated you become about personal finance, the more you'll save. So, conduct Internet research, talk to friends, or read financial planning books to have an informed conversation with an advisor when you meet. A financial advisor can also help you plan for retirement, however far off that milestone may be. Many finance professionals will argue that coming up with a plan to save for retirement should be one of the first things you do. If you are working and your employer offers a plan such as a 401(k), take it, and contribute as much as you are able. Many employers match employee contributions up to a certain percent. That's free money, and there's no good reason to leave it on the table. Consider opening an IRA if your job does not offer a 401(k) plan. A financial professional can help you select a plan that works for you depending on your income, tax liabilities, and goals. Additionally, you will receive advice on good investment opportunities, and how to allocate your savings. The sooner you start saving, the longer your money has to grow. Looking for a financial advisor? Allentown, PA residents can start discussing the future with a representative from Magellan Financial, Inc. today! Learn more here http://magellanlv.com/our-team.
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