Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
It used to be that companies offered full pensions and that you could get by on Social Security once you took the leap into retirement. Unfortunately, those days are gone and it’s up to you to save for your golden years.
The cost of living is higher, and with continued advances in healthcare, people’s lives are longer than ever before. Make sure that you can enjoy your retirement without financial stress by building a solid retirement portfolio now.
Here are four tips to help you get started:
Tip 1: Identify your retirement goals and make a retirement plan.
Before you can plan for retirement, you need to know what you want to do with your time. Will you travel a lot? Take up a new hobby? Spoil your grandkids? Knowing this will lay the blueprint for how you invest.
Once you know and understand your objectives, begin your planning by identifying your net worth—the total value of your assets, minus your debts. From here, you can figure out how much you must contribute to your retirement accounts in order to attain your set retirement goal. You will likely need to create a budget and pay off your larger debts to prepare for leaving the workforce.
(Retiring in 2014? Click here for retirement tips)
Tip 2: Use retirement programs, and consistently contribute to them. You should be taking advantage of retirement plans offered through your employer. Contribute as much as you can to your 401(k), especially if your employer will match your contributions. Consult a financial planner or your employer’s HR department for advice on how to adjust your contributions.
Another option is an IRA. This is a popular choice for individuals who are self-employed or those who work for smaller companies without 401(k) plans. Get in the habit of contributing consistently to see your account grow. As your income increases, put more money into your 401(k) or IRA.
Tip 3: Diversify your investments for retirement. The type of investments you have will depend on your age. At a young age, your investments may be more in stocks because you can take greater risks. As you get older, however, you should have a higher percentage of secure investments such as Treasury bills and bonds. These pay out less than stocks, but they are lower-risk investments and can be good options as you near retirement.
Be sure to consult a financial planner if you have questions. You should never invest in something that you do not understand.
Tip 4: Diversify within your retirement investments. Different stocks lead the market at different times. Recently, for example, large and growing companies did not pay out as well, and smaller ones are now showing large returns.
Because one cannot predict when these shifts will happen, it’s a good idea to invest in large companies as well as smaller and mid-sized businesses. Also consider a small percentage of foreign stocks if they are available in your retirement plan.
Bonds should also be from a broad spectrum. Look into a total bond market index fund or add on a small amount of high-yield bonds or foreign bonds for additional protection from inflation.
The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.