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How to invest my retirement account

If you turn on the news or social media, you'll see countless talking heads with the illusion that they can predict the future. They will make recommendations on what stock they know will go up, what will go down, and how the economy will do. It's human nature to try to predict the future in the stock market, but unfortunately this skill is impossible to perfect.

We take the approach of long term investing instead. Follow this guide to learn how we invest retirement accounts in Pittsburgh and for clients in Florida!

  1. Determine what you want to accomplish with your retirement savings

Many people assume there's one perfect investment that everyone should focus on. The truth is each person is in a different situation with their retirement, and has different needs and wants. It's important to determine what characteristics you want to see with your assets. Do you want income? Do you need access to this in the short term? Do you want tax benefits? Do you want massive growth potential? The list goes on and on with possibilities. As you filter down exactly what you want to see with your retirement savings, this determines potential investment vehicles to select.

2. Determine how much risk you want to take with your portfolio

We've managed hundreds of clients accounts in Pittsburgh, and each person has a different view on risk. Some may be completely comfortable with the volatility of their savings. Other's are terrified with the idea that their initial investment may go down in value. These factors are important to consider. You must not only consider your temperament as an investor, but how long you expect to live off this retirement account. People are living longer than ever in this country, and you must plan accordingly. If you are in your 50s or early 60s, you'll have a significant time frame to live off these assets. If you are too conservative, you run the risk of losing those savings to inflation and outliving your investments.

3. Consider the fees

The last factor that you must consider when investing your retirement accounts in Pittsburgh is the fees. Whether you're working with a financial advisor to rollover your 401k, or have an online brokerage account through an asset management firm, fees matter. It's important to learn about any costs to buy and sell investments, the internal annual fees that are charged, and any administrative costs. Fees play a major role in your returns overtime. If you have a $500,000 portfolio and an advisor charges an extra .5% per year to manage your funds each year, that can equate to 10s of thousands of dollars out of your savings through retirement!

Investing is a complicated endeavor. It requires a lot of though, and many moving parts. Each investor needs to consider the risk they will take, how much income they need, when they need to access the funds, tax complications, fees, and selecting an investment vehicle they understand. This task can be overwhelming for someone in retirement. We welcome any investor to reach out to our team for a no cost consultation to learn more about your retirement goals. We specialize in this transition, and would be happy to provide our expertise on the topic.

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