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Whether you are just beginning your retirement savings or quickly approaching your first withdrawal, you probably have the same question: how can I be sure I won’t outlive my money?

But know this: even someone in their 40s or 50s still has the capability to save a substantial amount of money for retirement. It’s not too late! With a little bit of careful planning alongside one of Salt Lake City’s best retirement financial advisors and some extra savings, you can still have the retirement that you are hoping for. The key is to start now and implement these four steps.

Circumstances do not account for most of our happiness. In fact, they barely affect it at all. Studies show that 50% of our happiness is genetic, 40% is our own thoughts and choices, and only 10% comes from outside circumstances.*

But what about the people who do feel “rich?” What is their secret? Let’s dig a little deeper into our spending habits and see where happiness actually comes from.

Life insurance options are an essential consideration when creating any comprehensive financial plan. Nevertheless, it can be easy to get confused while weighing various policies and options. Different policies cater to different needs and financial goals, and choosing the right policy is necessary in ensuring your loved ones receive the protection they need after you are gone.

All of these things (and more) have had a substantial effect on our finances. New expenses have arisen and/or income streams have been removed. Nevertheless, there are ways we can survive, and even thrive, in the unique financial climate of this pandemic. As you consider your financial situation, implement these tips from our fee-only financial planners to continue to build wealth — even in the middle of what seems like an economic catastrophe.

In late March, when it became clear that coronavirus was a real cause for concern in the U.S. and businesses began to close or streamline services, leaving many workers unemployed, it was hard to watch the stock market tumble 34% in just a few weeks. Investors began to panic and asked their top financial advisors, “What do I do?”

Do you cash out? Do you buy? Do you sell? Do you find ways to hedge?

Believe it or not, it doesn’t and shouldn’t be that complicated. So how do you make saving for retirement a simple no-brainer? If you already have an emergency fund with three to six months of income in it and you have a steady income, you should look at contributing to your retirement plan if you haven’t already done so. If you are just starting your working years, the compound effect of saving for your retirement early on will put you in a great position when it’s time to retire. And if you are a retirement procrastinator, there is no time like the present to get started.

By now, you — like most Americans — have a good idea of what is meant by emergency.

The outbreak of COVID-19 had had a deep impact on just about everyone nationwide. In what seemed like the blink of an eye, people were laid off, businesses were closed, and public events were canceled. Investors winced in pain as the stock market took a huge dip. And what little recovery has started is slow.

Many people donate substantial amounts to charity each year. If you do, without the help of a top Salt Lake City financial advisor, you may not know that you can use those charitable contributions to reduce capital gains taxes.

Your financial plan is coming together. You worked hard, got the job you wanted, and whittled down your debts. You have money in the bank, and your 401K is growing. You are starting to save a little money on a regular basis, and your nest egg is getting bigger . . . faster than you once thought possible!

With all those positives, it suddenly dawns on you that maybe you should ask for some help from a financial advisor local to Salt Lake City or any nearby areas, so you can maximize your returns and protect what you have already saved. But who do you ask?