Financial Planning and Advice Blog for Syracuse

Want to keep up with the latest news in the financial sector? HighPoint Advisors in East Syracuse, NY makes sure all our clients have the latest up to date financial information to better plan for their future. Feel free to browse the blog below to learn more about the current financial market.
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Saving for Retirement: What’s the Magic Number?

By June 10, 2016

For many years, financial advisors have encouraged workers to set aside 10 percent of their salaries each year to save for retirement. But today’s financial experts warn against following the financial advice of yesterday. Because there are so many factors at play, 10 percent will not be nearly enough for many individuals to comfortably retire.

Be Wary of the Ten Percent Rule60951926_ce28b7a4b9_z

While many financial advisors do still throw out 10 percent as the magic number for retirement savings, that advice may have been more appropriate in years past. Based on inflation over the last several decades, it’s not hard to imagine how much the cost of living could skyrocket in the future. What seems like a large chunk of change today might not stretch as far a few years into the future when the cost of living is two or three times what it is today.

There’s No Magic Number

So how much should the average person save for retirement? There’s not exactly a wrong number or a right number because there are so many different factors. It’s difficult to provide across-the-board financial advice for every consumer because things like salary, debt burden, lifestyle, and other obligations create a unique financial situation for every person.

Calculating a Target Savings Rate

There are many different available resources to help people estimate the amount they’ll need for retirement, such as the HighPoint Advisors' Retirement Savings Calculator. This calculator allows individuals to calculate how much they should save based on such factors as current age, current income, current savings, expected growth in income, expected age at retirement, and many more. Resources like this are very valuable to consumers because they allow them to plug in different numbers to see how much they would need to retire based on different financial scenarios. While it’s impossible for any financial calculator to provide an exact number, this tool can provide a reasonable estimate for many people. Even if that number is unattainable right now, it’s better to set aside something than nothing.The best financial advice consumers can follow is to simply live below their means and save what they can. By spending less and investing the rest in a well-rounded variety of interest-bearing products, people will be able to set themselves up for a comfortable, financially sound retirement.The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual....

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Putting Your Money To Work

By May 16, 2016

business-money-pink-coinsYou work for your money, but you need to let your money work for you. The key to the pursuit of additional income, a comfortable retirement, college funding for you or your children, and so much more can hinge on making proper investments. We all know that getting involved in the action taking place on Wall Street can lead to great wealth growth potential. To those just stepping out into the confusing world of stock markets, obtaining these "riches" is easier said than done. With the help of an investment advisor, getting involved in the market is that much simpler. Here are a few quick steps to make the most out of help with your investments.

Don't Do It Alone

A common mistake that first-time investors make is trying to do too much without any help. They think that a successful business means successful earnings, but are quickly surprised when they find that their $5,000 investment in Facebook is gone within a year. Bad investments don't mean that the person is unintelligent, but many people who find themselves in these scenarios may lack financial knowledge. This information is not just happened upon, but rather a culmination of years of experience and education in the field. For this reason, an investment advisor should be sought out. Their expertise and knowledge can be used to make an investment plan that will best fit your personal needs and goals. They can help you make the aggressive, yet risky moves to make money fast, or they can show you the way to a long-term path that focuses on your retirement goals. Either way, they know what is best and how to help you accordingly.

Types of Stocks

This is something that an investment advisor can and will guide you in, but it is helpful to know in advance how you want your money to be invested. The two main options you have are to invest in individual stocks or a mutual fund. An individual stock is tied to a single company or business. This is the more aggressive option, as both the risks and rewards will be greater. If you choose this route, your entire investment will be directly tied to that single business's performance. If the stock price performs well, you do well. If they do well, you do well. But if they do poorly, so do you. If going with this option, an investment advisor and additional resources are beneficial to your success. Otherwise, you might end up like one of the 70 percent of first-time investors who lost their money last year alone.If a long-term and safe plan is how you want to approach your investments, a mutual fund is the way to go. The way this works is you invest in the fund, and then the fund invests in upwards of 500 different individual stocks based upon their performance at the time. This is seen as the less risky option because there are so many possibilities. Even better, these mutual funds are ran by the industry's best, so you can feel safe about where your money is going and how it is being spent. You might not experience instant returns, but over the years, you can watch your nest egg grow. In the end, an investment advisor will give you the best advice regarding which path you should take with your investing.Content provided is for general information only and not intended to provide specific advice or recommendations for any individual. No strategy assures success or protects against loss. Investing involves risk including loss of principal....

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