A very practical recommendation offered by financial advisors like Matt Dixon is to review your retirement plan at strategic points in your life. Working with an experienced professional Registered Financial Consultant in Greenville, SC, allows adjustments to your retirement plan to meet your current and future financial needs.
When to Start
According to Matt Dixon, a Registered Financial Consultant in Greenville, SC, it is never too early to start planning for your retirement. Younger adults may see retirement as a distant point in time. However, early investment in the right assets can add significantly to your portfolio value through compounding interest.
In fact, those who start their retirement planning early may find they can cut years off the amount of time they need to work to reach their retirement funding goal. The ability to do this becomes more challenging the later in life you begin planning. Matt Dixon works closely with clients to choose the right plan given their current life situation.
When to Review
Unless there are significant changes in your life, there is no need to review a retirement plan on an annual basis. However, there are some key times that a review can be very helpful, even if you may feel it will be challenging to continue investing for the future.
A key time to review your retirement plan includes changing jobs or careers with either an increase or decrease in salary or income. Moving from working for a company to being an entrepreneur or starting a business is another time to review the plan. Other life events such as marriage, divorce, the birth of children, or inheriting a significant amount of money or property are another times to consult with your financial advisor.
