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1.
What is your current age? According to the Samuel Rad, financial advisor Los Angeles, age is an important deciding factor in building your retirement plan and how soon you want to retire. When you are close to your retirement age, somewhere around 50, you need to save 75% of your current annual income for every year till you retire.
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2.
Are you working or self employed? This will help to investigate the type of retirement saving available for you? For working professionals, you have the employer's 401(k) plan. According to Sam Rad, one of the best financial advisors in Los Angeles, every working professional should take advantage of 401k. Though you are only a participant in this plan and have limited investment options, but, if you can start young with this retirement plan, you can save big, as you take advantage of the employer's match because that's free money for you.
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3.
Do you have a 401k and IRA? Do you have a self employed IRA?
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4.
Are you looking for the best financial advisor? The biggest change that has taken place in the world of personal finances is with each passing year, the percentage of individuals turning to fiduciary financial advisors is increasing.
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