What to Do When Your Savings are Not Growing Fast Enough. : ThyBlackMan

Thursday, June 20, 2019

What to Do When Your Savings are Not Growing Fast Enough.

October 8, 2018 by  
Filed under Business, Money, Opinion, Tech/Internet, Weekly Columns

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(ThyBlackMan.comWe all want to live comfortably with some money left over for little luxuries when we retire. Chances are that you already have a 401K plan or pension account, and are hoping that the money you receive will be enough to cover your lifestyle and the inflation when you finally have time to enjoy life. Below you will find a few tips on how to make sure your pension funds are working for you and avoid being left with less than what you need to live the life you were planning to after retirement.

Get a Pension Review

There are plenty of government-funded and independent pension advisors who will be happy to look through your current investment structure and portfolio and highlight the weaknesses of your 401K plan. The fund you invested into a couple of years ago might not suit your future needs or the market conditions any more. Unfortunately, the broker who got you to sign up will not tell you about this, so you will need to go the extra mile to make sure everything is in order.

Invest More

If you are unhappy with the current and predicted growth of your pension funds, you will have to either change the terms or invest more. Cut back on your current expenses, especially if you can see high growth rates. It is better to have more money to spend later and increase your wealth by 20 percent over the next few decades than spending all your hard earned cash on new cars and vacations now and having to live on less when you retire.

Consider Trading

You don’t have to put all your eggs in one basket. There are plenty of trading platforms that allow you to try your hands at trading. Find the best options brokers for the money you have allocated and your investment style and learn everything you need to know about the various platforms and currency, stock, and commodity pairs. You might also find a broker that will safely invest your money, but you need to obtain adequate guarantees before you trust them with your hard earned money.

Increase Your Risk Levels

If you are happy with your pension plan and provider, but want more returns, you can increase your risk levels. This is recommended if you are not close to retirement still, and have little to lose. If your selected high risk investment is not performing as you want it to, you will still have plenty of time to correct your strategy.

Set Saving Goals

With everything related to money, you need to create goals and targets. You might want to set different milestones in the future of how much money you want to have in your savings or investment account, and work towards them every year.

If you are unhappy with your current investment or pension saving performance, it might be time to ask for professional advice and make adjustments in order to enjoy financial freedom after you retire, instead of relying on your limited state pension.

Staff Writer; Ricky Moore

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