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Money and the long term

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Finances by Troy Irvine

How many short-term financial decisions do you make each week? 

You probably make more than a few, and they may feel routine. Yet in managing these day-to-day issues, you may be drawn away from making the long-term money decisions that could prove vital to your financial well being.

How many long-term financial decisions have you made for yourself?

Troy Irvine

Troy Irvine

How steadily have you saved and planned for retirement? Have you looked into ideas that may help to lower your taxes or preserve more of the money you have accumulated?

Start by taking inventory. Look at your investments and savings accounts, their balances and purposes. Then, look at income sources, yours and those of your spouse or family, if applicable. Consider your probable or possible income sources after you retire, such as Social Security and others.

This is a way to start seeing where you are financially in terms of your progress toward a financially stable retirement and your retirement income. It may also illuminate potential new directions for you, such as:

• The need to save or invest more, especially since parenting or caregiving has the potential to, at some point, interrupt your career or affect your earnings

• The need for greater income or additional income sources down the road

• Risks to income and savings and the need to plan greater degrees of insulation from them

Devoting even just an hour of attention to these matters may give you a clearer look at your financial potential and needs for tomorrow. Proceed from this step to the next. Follow with another hour devoted to a meeting with an experienced financial professional.

Troy Irvine is the vice president of wealth management at Alliance Benefit Group. He can be reached at 507-369-9999 or tirvine@investorscapital.com.