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Receiving a tax refund, work bonus or pension payment is a welcome occurrence. If you are fortunate enough to find yourself in this situation, how you use this money can impact your financial health. Ready to put your additional money to work for you? Request a call from an Investment Consultant now.
Seeing this money as an investment vs. play money, can help make a real difference. Even if you save or invest only a portion of extra money, it'll get you closer to your long-term goals. Don't forget to consider a pay raise as an opportunity to save rather than spend. Once your finances are in order, you can save for vacations and shopping trips and enjoy them even more.
See the impact investing an additional amount each month could mean for you retirement savings:
Source: American Century Investments® Time Value Calculator. Chart assumes no specific portfolio with 6% returns over 20 years. This hypothetical situation contains assumptions that are intended for illustrative purposes only and are not representative of the performance of any security. There is no assurance similar results can be achieved, and this information should not be relied upon as a specific recommendation to buy or sell securities.
The main long-term financial risk you face may not be market swings—it could be the rate of return on your investments doesn't keep pace with the rate of inflation. Inflation has averaged about 3% annually over the past 50 years. A 3% inflation rate means it will take more than $108,000 in 20 years to equal a $60,000 annual salary in today's dollar. Regardless of the size of your windfall, chances are you'll need to make it last.
We believe asset allocation—spreading your money across many investments to help manage volatility—to be key in successful investing. Rather than chasing performance, a better long-term strategy may be to position your portfolio to help weather a variety of market conditions.
You can diversify your portfolio yourself. Or if you want help, we offer asset allocation portfolios through a single investment. These funds typically include a mix of stock, bond and money market mutual funds based on either your risk tolerance (target risk) or the date you'll need your money (target date).
Identify your goals, evaluate your risk tolerance and create a long-term plan for your money.
We can help. One of our Investment Consultants can help evaluate your situation.
Diversification does not assure a profit nor does it protect against loss of principal.
This material has been prepared for educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice.