"If you aim at nothing, you will hit it every time."
-Zig Ziglar
Taking Action
- Know Your Benefits: Understand your workplace retirement options, like pension plans or 401(k)s. Ask questions and make informed choices.
- Seek Professional Advice: Find a fiduciary financial planner who puts your interests first. They can guide you through investment decisions and help you reach your goals.
- Stay Informed: Monitor your investments regularly and be prepared to make adjustments. Remember, retirement is a long-term goal, and market fluctuations are normal.
Choosing the Right Investments
- Stocks vs. Mutual Funds: Decide between individual stock ownership or pooled investments with mutual funds.
- Pensions vs. 401(k)s: Understand the differences between defined-benefit pension plans and defined contribution 401(k)s.
- Tax-Deffered vs. Roth: Consider whether you want to defer taxes now with options such as a 401(k) or enjoy tax-free growth later with a Roth IRA.
Diversification is Key
Spread your investments across various options to minimize risk. Diversification protects your savings from the impact of any single investment's performance.
Remember, saving for retirement is a journey. Stay focused on your dreams, adapt to market changes, and seek guidance from financial professionals along the way.
MUSC students may self-enroll in our Brightspace Financial Literacy Course to learn more about saving for retirement. Students may also book a one-on-one appointment to discuss job offers to compare the benefits package as they near graduation.
