Different life milestones require updated investment strategies.
Buying a Home
In 2014, the median price of a home is $198,500.
- Set a goal and timeline for purchase
- Decide what contributions, if any, should shift from a 401(k) or retirement plan into home savings
- Consider a high-yield savings account or CD
Source: Economists’ Outlook
Sending Kids to College
In-state public college averages $22,826 per year and costs are rising.
- Start saving early; high school graduation may sneak up on you
- Anticipate room and board on top of tuition
- Consider setting up a 529 Education Savings Plan
Source: College Board
Creating an Emergency Fund
As many as 48% of Americans don’t have an emergency fund.
- Save at least months’ worth of expenses
- Keep funds accessible; many choose traditional bank savings accounts or money market accounts
- Treat savings like a bill; make a mandatory monthly contribution
Source: Bankrate
Saving For Retirement
Retirees will need approximately 70-80% of their pre-retirement salaries to maintain their lifestyles
- Consider your retirement age
- Anticipate life expectancy and future healthcare needs
- Evaluate 401(k)s and other retirement plans with your financial advisor
Source: E.F. Heagen Associates
Are you ready to take action? Start the conversation with your financial advisor today.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which course of action may be appropriate for you, consult your financial advisor. This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor. LPL Financial representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.This material has been prepared by LPL Financial. A registered investment advisor, member FINRA/SIPC. To the extent you are receiving investment advice from a separately registered independent investment advisor, please note that LPL Financial is not an affiliate of and makes no representation with respect to such entity. Not FDIC or NCUA/NCUSIF Insured | No Bank or Credit Union Guarantee | May Lose Value Not Guaranteed by any Government Agency | Not a Bank/Credit Union Deposit © 2014 LPL Financial LLC. All Rights Reserved. The information contained herein has been prepared by and is proprietary to LPL Financial. It may be shared via social media in the exact form provided, in its entirety, with this copyright notice. MKT-0130-0812_B2_I16 LPL Tracking # 1-278886