Don’t look at your 401(k) as a piggy bank, but a long-term investment vehicle to fulfill your financial goals that will help you to be able to retire.
“My name is Hector, I’m 59 years old, and I’ve been saving for the past 35 years. I am a diligent saver and long-term investor, and I think that that approach has helped me over many years.
“I am actually my own financial advisor. I am trained, and I believe I have the necessary understanding of the markets and how investments perform over a long period of time to feel confident in my ability to retire comfortably. I always pay attention to how the market is doing and buy and sell different funds based on how I feel the market is going to perform. I also put the maximum amount I can each year into my 401(k) plan. What gives me concern is times like now, when there is a lot of market volatility and how a market downturn can impact my 401(k).
“My advice to anyone when it comes to retirement is to start early. Start the first day on the job and be committed to saving and to learning about markets. Take a long term view. Don’t look at your 401(k) as a piggy bank, but a long-term investment vehicle to fulfill your financial goals that will help you to be able to retire.”
Photograph & interview by Carolyn Bouso
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Hector
