Citrus Heights Retirement Planning
Citrus Heights retirement planning can be viewed in the same way as the development of a seed to a fully ripened fruit. You start with the decision to save a small percentage of your income. With time, you nurture a small amount of money into an amount you can use to stop working and live off of for the rest of your life. California residents can draw upon the knowledge of their local Citrus Heights retirement planning experts to help them grow their California retirement assets into a healthy tree that bears fruit for a lifetime.
Save More Tomorrow
As the people of CA and others across the nation age, they come to the realization that they either will not be able to or do not wish to work in the later years of their life. After working for decades, some in Citrus Heights may want to spend less time at work and more time at home with family or pursuing their favorite hobby. To achieve your retirement planning goals you must make a conscious decision to start saving and make a commitment to continue doing it.
Start your Citrus Heights retirement planning by speaking to a financial specialist about the different tools available to help you reach your goals. They may suggest you open a 401(k) through your employer or contribute to an IRA. Explore your different retirement planning options as you may be able to put your money into both vehicles. Multiple outlets for saving can make a huge difference for Citrus Heights residents when planning for their future.
When your first start planning you may find you can only afford to save a small portion of your paycheck for retirement purposes. Do not be discouraged as small amounts of money invested wisely can grow to be very large amounts over time. Citrus Heights residents should start off by initially saving whatever amount they can and then consider a powerful retirement planning idea. This involves being very creative with raises in your pay.
When doing your Citrus Heights retirement planning, the concept of saving more tomorrow can prove invaluable to growing your money. Let's say that you started saving 4% of your pay in your 401(k). Every time your employer in CA gives you a raise in pay, plan on saving half of it and spending the other half on anything you choose. If you received a 4% increase in pay, the new total amount you would be putting away for your retirement in your 401(k) would be 6%.
By continuing to save more tomorrow and put half of every raise you receive into your 401(k), over time you could easily be saving 10 or even 15% of your income. By using this concept when working with a Citrus Heights retirement planning professional you greatly improve the chances of reaching your goals. Implementing this strategy into your planning process allows you to save your raises before you adjust your standard of living to the increase in pay. This is an easy way for the residents of California to save more without reducing their current level of spending.
Hedging Your Investments
Another important investing idea to consider when speaking with your Citrus Heights retirement planning agent would be something called hedging your investments. If you have exposure to the stock market, for example if you own mutual funds or individual stock, you could purchase gold as a hedge. When adjusted for inflation, the price of gold usually moves inversely with major stock market indices. You may want to have a small part of your Citrus Heights retirement planning portfolio invested in gold to offset poor performance in the stock market.
There are multiple ways to invest in gold in CA. You can buy gold bullion or gold coins if holding a tangible asset makes you more comfortable. Many citizens in Citrus Heights may be shocked to find out they can actually hold American eagle gold coins in their IRAs. Another way to incorporate gold into your Citrus Heights retirement planning portfolio is by purchasing a gold mutual fund or ETF that moves very similar to the price of gold.
When discussing your goals with your Citrus Heights financial advisor, determine which option for investing in gold is appropriate for you. Buying gold bullion or gold coins likely means you are responsible for storing and securing it. If you don't want that level of responsibility stick with gold mutual funds and ETFs.
By incorporating smart ideas when working with your local Citrus Heights advisor, you get one step closer to the goal of being able to retire and not worry about how you're going to support yourself. Citrus Heights retirement planning doesn't have to be complicated. Consider implementing the save more tomorrow concept into your plan and think about adding gold as a hedge.