Investing Your Money
Where do I start when it comes to investing my money?
Think about the big things you need to save for in life—retirement, college or any other long-term need you have in mind. When thinking about where to invest your money, start by having a plan to invest in these future goals first.
For your Retirement Savings, the best place to get started is through work. If your employer offers a retirement plan, make sure you’re enrolled and taking full advantage of these benefits. Try to contribute the maximum allowable amount to max-out these plans before putting money towards other savings.
If paying for college is something you’re planning on, look into what type of 529 Plans are available in your state. Almost anyone can open up a 529 Plan, for any child, usually without restrictions on age or income. These plans most commonly offer the benefit of tax-deferred savings with tax-free withdrawals on qualified higher education expenses.
Before investing in any of these plans, you should talk to a professional about which tax benefits and plans work best for you and your budget.
- Contribute to your employer’s retirement plan first, then to secondary savings
- Understand the basics of investing and what’s available
- Speak to a financial advisor to better understand your eligibility for different tax-advantaged plans
What are the advantages of working with a financial advisor?
Having a Financial Advisor can be invaluable to both the novice and experienced investor. A financial advisor will be able to listen to your needs and match them up with a comprehensive investment plan that matches your short and long term goals while taking into consideration your tolerance for risk.
If you’re like many other individuals who don’t have the time or interest to begin researching all the investments on the market today, working with a Sentinel Advisor from our Wealth Management team is a good option to consider. A financial advisor will work with you to understand your financial goals, assess your comfort with risk and consider your current financial situation and investment time horizon to create an investment strategy uniquely your own.
- Consider speaking to a financial advisor even if you are investing on your own
- Ask colleagues and friends for recommendations of financial advisors with whom you can work
Call to speak with a Sentinel Securities Representative or email SSI.CustomerResponse@SBGI.com.