Decisions you make throughout your lifetime - choosing a career, getting married, having children, buying a home, starting to save and invest - have a big impact on your future financial security, including retirement. At many different points in your life, you can take steps to ensure a smoother journey and a more secure financial future.
This booklet is your road map for making wiser financial decisions. Knowing and understanding the rules of the road can help you avoid life’s financial potholes and dead ends. The more you know at the beginning of the journey, the smoother your ride will be.
Here are some key tips for your life-defining financial decisions:
- Start planning early for long-term goals, such as buying a home, paying for your children’s education, and ensuring a comfortable retirement.
- Pursue a job with good benefits and make the most of them.
- Keep actively involved in the financial decisions when you marry or live with someone. Understand the financial consequences of divorce and carefully protect your interests if you should leave a marriage.
- Avoid accumulating credit-card debt and keep your credit record in the best possible shape to qualify for the lowest interest rates on your car and home loans.
- Study and carefully select your options, from IRAs to 401(k) plans, for saving for retirement.
- Learn the investment rules of the road and make a financial plan to ensure your life savings will get you to your savings goals and last you through retirement.
- Explore the options for protecting yourself and your family by having adequate disability, life, health, and long-term care insurance.
Last, but not least, don’t be afraid to ask for directions along the way.
A complete copy of this booklet can be found at http://actuarialfoundation.org/consumer/wiser051503.htm
