As the old proverb says, “There is no time like the present.” Americans are living longer and therefore need to save more than ever to know they have developed a sound financial plan for retirement. Due to constant improvements in our healthcare system along with healthier lifestyle choices, the average lifespan of Americans is up. Despite this fact, Americans are not saving nearly as much as they should be, and it isn’t even close. According to a recent survey, almost half of Americans feel that their retirement savings are not on track. Albert Einstein said it best, “Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it.” Time is your most important ally when it comes to investment management. You will have more options down the road the earlier you decide to develop a financial plan and make retirement planning a goal in your life. When developing a financial plan for your retirement needs, it is important to work with a financial advisor who will help you factor in all of the things that will affect your way of life. You will always have your everyday expenses like the electric bill and property taxes. However, it is healthy and highly beneficial to also consider the things that you want to do, like go on a dream vacation with your family, or give a portion of your estate to your favorite charity. While all of this is great to talk about in the present, you must have the adequate savings and wealth managers to properly execute these retirement goals within your financial plan. A big part of what the financial advisors at Vector do is planning your investments to match your financial plan for these needs and wishes
