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Question for the Money Doctors

Question submitted on Jun 14, 2022.

Question

I am 53..i invest 4%..of my paycheck every 2 weeks..how can i get more bang for my buck..should i invest more?

Answer

Congratulations on your disciplined approach to investing.  I really don't have enough information to give you a definite answer.  Perhaps a visit with a financial advisor would benefit you.  These are some of the questions that you need to consider. 

How much do you have in investments now and is the money in a qualified account or a nonqualified account. 

Are you married or are you planning on supporting a spouse or someone else, such as a disabled child? 

What outside income do you have that might continue in retirement? 

What is your estimated social security benefit and when do you plan to begin drawing your benefit?

Can you afford to invest additional funds on a regular basis, if so, does your employer match any portion of your contribution to a qualified plan?

How comfortable are you with risk?

At what age do you plan to retire?

Meet with a financial advisor, preferably one who is a fiduciary, and discuss these and other questions.  Then you may find your answer.


For additional information visit //www.360financialliteracy.org/

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