Everyone living in Newport beach needs a good financial advisor, no matter who they are. But that is especially true for people who are in the middle class.
That’s because those in the middle class often have a set of goals they want to achieve with their money, and they need to make sure every dollar has a job.
Let’s look at some of those goals and how they should be approached in order to reach financial security for the middle class.
- Getting the Most Out of a Work-Sponsored Retirement Plan – There’s a chance that your job offers a retirement plan, and it’s probably either a 401k or an IRA. In many cases, your employer will match what you put into the plan up to a certain percentage. At the very least, you will want your contributions to match that amount.
- Buying a Home – This is probably the biggest purchase you will ever make, so you want to be diligent. Not only will you need money for the down payment and monthly payment, but there will be things like repairs, closing costs, and taxes as well. Have money set aside for these other costs so that they don’t catch you off guard.
- Saving for College – College is expensive, and the cost is going up yearly. You can make sure you’re prepared to pay for your child’s education by looking at savings plans specifically designed for college students. These can be things like the 529 plan, which has specific tax benefits that allow you to maximize savings.
- Having the Right Kind of Insurance – It’s not something anyone wants to think about, but you want to have a plan in place in case something happens to you so that your family remains financially stable. Funeral expenses and housing costs need to be covered and having insurance for those things will guarantee the matter is taken care of.
- Having Enough Retirement Income – One of the cornerstones of financial security for the middle class is a comfortable retirement. When looking at this aspect of your finances, you want to make sure you are collecting your Social Security benefits that you are entitled to, whether you start early or delay your retirement.
- Having the Right Investments – Your investment income will help fund your retirement, so you want to be sure that it always grows. There are a lot of different investment options that will help make this possible, so you want to find the one that’s right for you and your personal finance-related goals.
These are the core areas of financial security for the middle class, so you want to fully explore each one for a financially strong future. You want to start doing so as soon as possible so that you have plenty of time to establish the kind of financial security that allows you to do what you want.