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Goals for Now, Goals for Later

Posted: August 9, 2018

Goals for Now, Goals for Later

Investing would be a lot easier if you had only one thing to save for. But from your first house to your retirement, you'll have different financial goals at different life stages. Your financial plan should help you meet your objectives at each stage of your life.

In the Near Term

When you're starting out, you may be more focused on saving for things you want in the near future — a new car or a house, for example. Your paycheck may not stretch very far, but having a spending plan can help. Once you've identified your goals, saving even a small amount from each paycheck can help you reach them.

In the Middle

You may have multiple goals that you're saving for down the road: maybe a larger house and your kids' college expenses. But don't forget about retirement. You'll likely need more savings for reirement than for any other goal you have.

The middle years are important for asset growth, so consider keeping a significant portion of your portfolio invested in securities, such as stocks, with the potential for earning higher returns. Although there are no guarantees, historically, stocks have outperformed other asset classes over the long term.1

In the Future

Your most important long-term goal is retirement. If you save and invest throughout your working years, you may be able to accumulate significant assets. Shifting a portion of your portfolio into lower risk investments as you near retirement may help you preserve your gains. You might also consider leaving some money invested in stocks which can help cushion your savings from the effects of inflation. Even after you retire, holding some stock investments in your portfolio may be a good strategy.

Your situation is unique, so be sure to consult a professtional before taking action.

Modified content. Copyright © 2018 by Newkirk Products. Reprinted with permission. All rights reserved.

Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CBSI is a registered broker/dealer in all fifty states of the United States of America. The representative may also be financial institution employee that accepts deposits on behalf of the financial institution. Representatives are neither a tax advisors nor attorneys. For information regarding your specific tax situation, please consult a tax professional. For legal questions, including a discussion about estate planning, please consult your attorney.


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