Protecting your future involves financial planning. Whether you are a do it yourselfer or rely on a financial advisor the following can serve as a guide to help you protect your future.

There are many questions to ask yourself when developing your plan. How many years do you have to implement? When can you stop working? What kind of lifestyle in retirement do you envision?

Creating a sound budget, paying down debt, saving for retirement and protecting your assets are the beginning steps to help create a comfortable retirement.

Budgeting

Developing a budget will help you determine an amount you can comfortably save and invest. There are many different stages in life that will impact your budget and debt levels so be prepared to allow flexibility within your plan. Once you set it, review periodically as it is not meant to be set once and forever.

Saving

There are many investment strategies that can be used prior to retirement. Just a couple include:

If you are employed contributing to one of the following: 401k (private), 403b (public) or a 457 plan is a good place to start. Be sure to ask if your employer offers a match and when you are eligible to receive. In addition, find out if a Roth option is available within your employer qualified plan.

IRA’s are another option to saving for retirement (Individual Retirement Arrangements) or Roth IRA’s. There are income limitations and contribution limits for each of these vehicles. Each bring different benefits and you will want to consult with your advisor and a tax professional to determine the best option for you.

Protection

You have worked hard, created a sound budget and have accumulated a good size nest egg for your retirement. Insurance is a good idea to protect the assets you have accumulated. There are many different insurance tools that can help protect and pass on your assets to the next generation. A few of them include: Health, Life, Long Term Care, Disability, Property and Umbrella policies.

The road to retirement is like running a marathon. If you practice with consistency and stay disciplined during the race, your chances of getting to the finish line and having a fulfilling retirement are on your side.