{"id":2143,"date":"2020-01-20T14:20:19","date_gmt":"2020-01-20T22:20:19","guid":{"rendered":"http:\/\/sandbox.planmember.com\/fccontent\/?page_id=2143"},"modified":"2020-08-25T15:09:27","modified_gmt":"2020-08-25T22:09:27","slug":"mid-career-2","status":"publish","type":"page","link":"http:\/\/sandbox.planmember.com\/fccontent\/mid-career-2\/","title":{"rendered":"Mid Career – 2143"},"content":{"rendered":"

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Our clients in mid-career require a retirement strategy that is adjustable during this quickly evolving stage of life. With financial demands that may include buying a house and supporting a family, it can be easy to fall into debt and lose sight of your retirement savings goals.<\/p>\n

Time to Take Retirement Seriously<\/h4>\n

Your retirement is close enough that the choices you make in the next several years can have a big impact on how and when you retire. PlanMember\u2019s four-part system is designed to support you through the middle stage of your career.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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1. Analysis:<\/strong>\u00a0Balance savings and budget<\/h2>\n

We get that you are under a lot of pressure to spend. Kids want expensive electronics, families want vacations, and you want confidence that they will be supported well into the future. That\u2019s why the first step in planning for retirement during the middle of your career is to take stock of your income, assets and expenses and align them with your retirement goals.<\/p>\n

Even if you\u2019ve already started a retirement plan early in your career, mid-career is a crucial time in your life to re-evaluate your plan. It should be adjusted to meet your current needs while keeping on track for your financial future.<\/p>\n

If you haven\u2019t started planning, this is a critical stage to really assess the current state of your savings. Your PlanMember Financial Professional will take a look at your savings progress and help you put a strategy in place. You don\u2019t have to be wealthy to enjoy the benefits of working with a financial professional. With experienced insight and financial organization, you may be in better shape than you think!<\/p>\n

Tip: Manage debt and enjoy life<\/strong><\/p>\n

It can be easy to get swept away by debt during this time in your life as expenses creep up. Managing debt can help reduce stress and avoid dipping into your retirement savings. When life keeps asking you to spend, here are a few ways to reduce debt and keep saving:<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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  • Set a budget and stick to it.<\/strong>\u00a0Track your expenses and keep spending within your limits. You may be surprised where your money is going each month and by how much you can save when you are aware of it.<\/li>\n
  • Try not to spend more on your credit cards than you can pay off each month.<\/strong>\u00a0The interest charges add up!<\/li>\n
  • Pay off credit cards with the highest interest rate first.<\/strong>\u00a0Typically you should pay off credit cards and short-term debt with the highest interest rates first.<\/li>\n
  • Avoid borrowing against your home or from retirement savings to pay off credit cards.<\/strong>\u00a0If you can, keep contributing to your retirement plan even as you pay off your credit cards. Factor these credit card payments into the budget you\u2019ve established.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n
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    Whether pursuing higher education or dealing with unforeseen expenses or the occasional splurge, debt can happen to anyone. The key is to keep debt at a manageable level so that you can pay down your obligations and continue to save into your retirement plan. In the end, meeting your bigger goals of a comfortable retirement will be much more rewarding than that new TV or pair of shoes you just had to have!<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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    2. Advice:<\/strong>\u00a0A personalized plan that adjusts with you<\/h2>\n

    As a member, you will have dedicated support and a personalized advice to see you through this process. Your PlanMember Financial Professional will help you choose from a broad selection of investments in order to create a strategy that is flexible for your changing needs.<\/p>\n

    During the middle of your career, it is important to remember that retirement planning is not a \u201cset it and forget it\u201d process. It is often the time to get more conservative with your investments. Your PlanMember professional has the experience to adjust your investments as needed.<\/p>\n

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    Update your Financial Professional as your income, assets and expenses change.<\/p>\n

    Re-evaluate your long-term retirement savings strategy based on current needs.<\/p>\n

    Compare your retirement savings with your retirement strategy, and make sure you\u2019re on track. Work with your financial professional to make adjustments as necessary to align these goals as necessary.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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    Tip: Look beyond retirement planning<\/strong><\/p>\n

    If you are fortunate enough to have financial resources to fund investments beyond retirement savings, this may be an excellent time to talk to your PlanMember Financial Professional about additional ways to enhance your financial well-being. These may include utilizing PlanMember\u2019s diverse solutions to explore new investment opportunities.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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    3. Review:<\/strong>\u00a0Stay on track<\/h2>\n

    Regular review of your retirement plan with your PlanMember Financial Professional is an important part of your long-term financial security. Changes in your finances, employment or other circumstances can occur. The key is to have a strategy that works for your current situation. Although it can be tempting to reduce your retirement contributions to free up more income, it is critical for your financial future to continue to save as much as possible.<\/p>\n

    Tip: Continuing to save for retirement is important<\/strong><\/p>\n

    If you\u2019ve been saving into your retirement plan since early in your career, the balance is probably starting to grow more rapidly thanks to long-term compound interest (read about the benefits of compound interest in our Early-Career Retirement advice). Keep saving as much as possible to continue to build your nest egg.<\/p>\n

    If you haven\u2019t been saving for retirement, or have just been contributing a minimal amount, don\u2019t assume that you will be able to live off of your pension and\/or employer-sponsored plan alone. You may need additional savings to supplement your retirement income.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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    4. Support:<\/strong>\u00a0Your needs are important to us<\/h2>\n

    As a member, you\u2019ll have access to a variety of ongoing support services to assist you in better understanding the nuances of retirement planning over the course of your life and career. You\u2019ll be actively involved in the progress of your plan with:<\/p>\n

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    • The support of a PlanMember Financial Professional who is dedicated to you for the long term<\/li>\n
    • The toll-free PlanMember Service Center staffed with friendly, securities licensed professionals who are eager to help<\/li>\n
    • Educational information, financial market updates, Asset Allocation Bulletins, membership newsletters, statements and online resources and more<\/li>\n<\/ul>\n

      Tip: Stay committed by staying informed<\/strong><\/p>\n

      Proactively planning your retirement at this stage of your career is critical to your long-term financial well-being. You\u2019re at a stage of life where expenses seem to come at you at every turn. Having a solid strategy can help take the stress out of spending. Our goal is for you to understand your budget constraints and where you can afford to have a little fun, without impacting your retirement!<\/p>\n

      Take the first step today. Give us some contact information and a PlanMember Financial Professional will contact you.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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