THE RIGHT INVESTMENTS FOR EVERY LIFE STAGE
Are your investments right for your age? Not every investing strategy is suitable for everyone at different life phases. Different person. Different financial situation. Different investing goals.
Now, here is our take on the type of investment for different life stages.
In Your 20s…
Most of you may have recently finished your studies and still need to pay off your student loans. Regardless of your current financial condition, this is the best time to start investing. The sooner, the better. Use the compound interest to your advantage. Invest what you can even if you cannot contribute to the 10% recommended amount. What you invest during this time has the greatest possible growth. And since twenty-somethings can absorb more risk and changes in the market, invest more aggressively in equities and less on slow-growing assets.
In Your 30s…
Many of you may have begun creating your own family or paying for a mortgage. Or, let’s say you defer investing in your 20s to establish your career or repay student loans. As you reach 30, you have to put more money away. You are relatively young to experience the rewards of compound interest, but old enough to set aside 10% to 15% of your income. Maximize your contribution and ensure you contribute enough to make the company match in your 401(k).
In Your 40s…
Granted you were in a low-paying career and decided to switch to another job, at the midpoint of your career (and maybe reaching your highest earning potential), or worked double-time to bolster your retirement fund until your forties, it is high time to settle down and get serious. Whatever your financial goals are, say for your children’s college funds or continuing to pay your mortgage, retirement savings should be the forefront of each financial decision. Beat inflation by saving in aggressive assets such as stocks.
In Your 50s and 60s…
You are about to hit the golden year. All the more that you must not lose focus. If you dedicated your younger years to venturing in hot stocks, this time you have to take a more conservative approach in terms of your retirement savings. Switch to more stable, low-earning funds such as bonds if you do not want to risk all your capital. Now is also the right time to take note of what you have and the good time to retire. Again, for matters like retirement, seek professional advice.
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