AARP Financial is
providing proactive steps that people can take to help protect their nest
egg amidst a financial market that is in turmoil.
"We are hearing from AARP members and it is a rough time for people who
are planning for retirement. The natural instinct is to pull all your money
out of the market and put it under your mattress. This not a time to
abandon your retirement plans or take drastic measures," said Mac Hisey,
President of AARP Financial.
The Financial Advisors at AARP Financial can provide investment
guidance and help you make the most of your retirement investments. They
can help answer your questions -- whether you are planning for -- or are
already in retirement. They can be reached at 888-778-6187.
To guide Americans through challenging economic times AARP Financial
has prepared the following tips:
- Don't Make Rash Decisions -- Recent events highlight the need to
have a financial plan that you are able to follow regardless of market
swings. As difficult as it may be, don't let your emotions drive
your investment decisions. Reacting to every up and down in the market
is not good for your health -- or for your financial portfolio.
- Revisit Your Reasons For Investing -- In volatile markets keeping a
long-term time horizon can be very challenging. However, if your
investment goals, time horizon, and financial situation have not
changed, your best course of action may be not to take action. Now is a
good time to reassess your financial situation, but only make changes if
needed.
- Establish an emergency fund -- Keep at least 6 months of living expenses
easily accessible in savings or money market fund accounts. This
enables you meet unexpected financial obligations.
- Make saving automatic -- The best way to get past volatile markets or
tough economic times is to make investing automatic. Establish an
automatic investing plan* that makes investing a seamless process by
regularly deducting a set amount from your paycheck or checking account
and transferring it to a retirement savings account.
- Review fees and expenses -- Take another look at the fees and expenses
you are paying on your financial products and services. For mutual
funds; review expense ratios, credit cards; scrutinize interest rates,
and banking products; transaction charges. Switching to a lower cost
product may save you money.
- Resist impulse purchases -- Think twice before making a discretionary
spend. Avoid incurring debt on any impulse purchases regardless of the
"deal" and instead put that money in a savings or investing
account.
- Have a plan -- It is never too late to put a retirement plan in place.
Having a plan helps you determine whether you are on the right path to
the financial future that you want. And in times like these a plan, not
your emotions, should drive your investment decisions. So, if you do not
have a retirement plan, now is a great opportunity to create one.
- Consult with an expert -- Financial advisors are specially trained to
help people manage their finances. If you work with a financial advisor,
schedule an appointment to review your portfolio. Discuss your concerns
and request an assessment of the performance of your holdings. If you do
not receive the guidance and information you need, or do not have a
Financial Advisor, the Financial Advisors at AARP Financial are a great
resource.
- Get Informed -- Research shows that many people struggle with
fundamental financial terms and concepts.
- Don't be Afraid to Ask for Help - AARP Financial's salaried
Financial Advisors provide personalized investment advice to help you
make the most of your retirement investments. They can be reached at
1-888-778-6187.
*An Automatic Investment Plan does not assure a profit and does not
protect against a loss in a declining market
While AARP endorses the services provided by AARP Financial Inc., AARP
does not offer financial products or services itself and cannot recommend
that you or any specific individual should purchase any particular product
or service. AARP Financial Inc. is a registered investment adviser and a
subsidiary of AARP.
The Financial Advisors are investment adviser representatives of AARP
Financial Inc., a registered investment adviser.
SOURCE AARP
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