Saving for retirement is as much about investing wisely as it is about making money. But how can you know you’re taking the right steps to protecting your nest egg – that is, how do you know you are saving enough for retirement while also trusting your financial advisor to steer you correctly to meet your long-term goals?
Our latest report in Personal Capital’s Financial Wellness series “Is Your Nest Egg Growing as Fast as it Should be?” shows you what even the savviest investors are missing when it comes to protecting their retirement savings, including:
How much to save in your nest egg
While there is no magic number for how much you need to save for retirement, statistics show that most Americans are severely underprepared. According to Money Magazine, one in three has a goose egg for a nest egg with $0 saved for retirement. When you think about retirement, there’s a lot to consider: what does your current financial situation look like? When do you want to retire? Are you planning on paying for your kids’ college? What medical expenses will you have? It can be overwhelming to think about all of these factors (but our free Retirement Planner tool helps take the guesswork out of this and helps you plan for the retirement you want).
Biggest threats to your nest egg
You could be one of millions of Americans giving up hundreds of thousands of dollars to hidden investment fees, especially if you’re saving for retirement with a leading brokerage firm.
Did you know that if you invest with one of the leading financial institutions in the United States, chances are your nest egg is being eaten alive by high and hidden fees? You could be one of millions of Americans giving up hundreds of thousands of dollars to hidden investment fees, especially if you’re saving for retirement with a leading brokerage firm. This could mean you will need to seriously adjust your financial outlook, perhaps by tossing out that idea of the luxury vacation or helping your children through college – or even working longer to make up for those savings lost to fees.
Protecting and growing your nest egg
There are some easy steps you can take to protect your hard-earned nest egg:
- Find out if you can trust you financial advisor. Is your advisor working in your best interest or just pushing products to turn a higher profit? [Make an appointment with a Personal Capital advisor who always has your best interests in mind.]
- Knowing what fees you are paying and when you are paying them means you can work with your advisor to optimize the timing and size of your investments.
- Discover hidden fees. You should never be paying high, hidden fees that you aren’t aware of. Personal Capital’s Fee Analyzer helps you analyze your investments to see how these hidden fees will affect your retirement savings.
Saving for retirement doesn’t have to be complicated. Armed with the knowledge found in this report and easy-to-use tools like our Retirement Planner and Fee Analyzer, you will be well on your way to growing a solid retirement plan.
Download our free report to learn more about your nest egg and how to protect it – from what questions you should be asking your advisor to what the government is doing to help you protect your nest egg.
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- Infographic: Negotiating a Higher Starting Salary - January 19, 2017