When It’s Time to Take Advice

When it comes to investment planning, the short answer is: now.


Published:

From left to right: Glenda Harris - Sr. Registered Client Associate, Officer, Jason B. Ford - Senior Vice President – Investment Officer, Morgan Sawicki – Client Associate.

Retirement may seem like a far-away concept, and savings may be something you know that you’ll need, but not exactly what for or how much is really “enough.” If this is you, financial advisors are here to help, because you’re going to need a little more precision than that to ensure you have enough for your ideal lifestyle plus the unexpected costs you’ll inevitably incur along the way. 

 

As Jason Ford, Senior Vice President – Investment Officer, of Ford Financial Group of Wells Fargo Advisors explains it, investing for your future alone can be like going on a road trip without a map or navigation system. If you cannot make a plan to follow, you will probably reach your destination, but you’ll make a lot of wrong turns, and it will take much longer to arrive. 

 

“As investment planners, we have developed a formula for setting goals and reaching them,” says Jason. “To return to the analogy, we have the map and we help our clients follow it.” Not only do they help each client set customized goals, they also hold them accountable by setting plans to reach them.  

 

Here are Ford’s top tips to help you get started: 

  1. Invest when you are young. You are growing your net worth and you stand to make exponentially higher gains in stocks than you do when you leave your money sitting in a bank. 
  2. Take advantage of benefits your employer offers, like putting a percentage of your pre-taxed salary in a 401K each month, where it will grow in the market until retirement, when you can use it to supplement your more limited income flow. Ask if they offer 401K matching—that will double your invested percentage without taking anything else out of your salary. 
  3. Invest another small percentage of your monthly salary in a Roth IRA. This money will have already been taxed, but provided you wait until retirement to take it out, there will be no taxes on the amount it grew while it was invested. This way you avoid the typical taxes involved with each stock transaction you participate in.
  4. Think about investment plans like 529 accounts for your kids’ education so you don’t have to pay for it all out of pocket when the time comes. 

These generalizations can help you build your savings with confidence but for a more personalized perspective on your individual situation and desires, you can always consult a investment planner for some seasoned advice. 

Jason Ford is the leading financial advisor of Ford Financial Group of Wells Fargo Advisors. To learn more about his team and their services, visit http://www.ford-financialgroup.com.

Wells Fargo Advisors is not a legal or tax advisor.

401(K) withdrawals are subject to ordinary income tax and may be subject to a federal 10% penalty if taken prior to age 59 ½.  Qualified Roth IRA distributions are not subject to state and local taxation in most states.  Qualified Roth IRA distributions are also federally tax-free provided a Roth account has been open for at least five years and the owner has reached age 59 1/2 or meets other requirements.  Withdrawals may be subject to a 10% Federal tax penalty if distributions are taken prior to age 59 ½.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC.  CAR – 0818 – 04288.

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