By T. Rowe Price
At a time when many Americans are concerned about managing financial priorities, T. Rowe Price sees Financial Literacy Month as an opportunity to share key tips that encourage planning with confidence. Baltimore-based global investment management firm T. Rowe Price has provided expert advice on planning for a successful financial future.
“Building confidence in your level of financial knowledge doesn’t have to be a daunting task,” said Roger Young, CFP, Thought Leadership Director at T. Rowe Price. “Starting with the basics can go a long way toward securing a promising future.”
Young offers these tips:
- Aim to save at least 15 percent of your income for retirement. Saving 15 percent or more of your income can help you maintain your current lifestyle in retirement. Since retirement may last 30 years or longer, this financial goal should be the top long-term priority for most people.
- Regularly monitor your progress. Retirement saving benchmarks are a simple way to assess whether you are on track. Those benchmarks compare how much you have saved for retirement with your current income and consider life factors such as marital status and how close you are to retirement age.
- Stick to a long-term investment plan. While it can be tempting to react to market volatility, maintaining a healthy exposure to stocks gives you growth potential to meet your long-term goals.
- Protect your loved ones’ financial future. It’s never too early to create an estate plan and review insurance such as life and disability coverage. If you’re approaching retirement, consider delaying Social Security benefits to provide more income to a surviving spouse.
- Consider seeking advice from a professional. In addition to offering guidance and support, an advisor can help you learn and gain confidence in your financial knowledge.
This article was originally published by T. Rowe Price.