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Ask The Expert: Preparing for retirement

Travis McGhee, CEO of FuturesANIMAL, a registered brokerage firm, answered viewers questions about investing and financial planning.
SALT LAKE CITY, Utah (ABC 4 Utah)

Travis McGhee, CEO of FuturesANIMAL, discussed how to financially prepare for retirement.

Question:
"My husband and I are planning for retirement. What are some steps we can take to better position ourselves?"

- The key is to keep it simple.

- I refer to it as the 3 D's

1) Determine - Take the time to sit down and draft a budget. Be honest AND realistic. The set goals. Realistic goals. No...the lottery is not realistic.

2) Divide - I want you to pull out the ol' number 2 pencil and a legal pad. Draw a pie chart and visualize how you want to allocate your assets. How much where. Then allocate.

3) Discipline - This is the MOST important step. A plan and goals are only as good as the discipline behind them. Be disciplined enough to max out 401k and IRA accounts on an annual basis ESPECIALLY If your company matches your 401k as this is free money. It is easy to skimp on saving, so have it taken directly out of your paycheck if possible. This requires discipline! Sometimes if you don't see it, you never know it is there.

Finally, monitor your investments. This does not mean you need to have your eyes peeled to the tv or a trading screen, but be aware of what is going on in the world. Younger folks do not need to sweat daily changes in the market, but still need to be aware of major shifts in dynamics. Be an informed investor!

Every Tuesday on ABC 4 Utah News at 4 p.m., either Greg Jensen, CEO and Founder of OptionsANIMAL, an investor education firm or Travis McGhee, CEO of FuturesANIMAL, a registered brokerage firm will be available to offer financial planning and investing advice.

Submit your investment questions to Greg or Travis at the Ask the Expert page on our website.
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