retirement

Is gold or silver a good investment for your portfolio? This is a question we receive with some regularity, especially when prices are going up. The not so favorable answer is it depends. Every situation is unique so you want to reach out to your advisor, or you can reach out to us here at North Main Financial Group, to see if this is the right move for you.

Here are three things to remember:

As we work with younger clients here at North Main Financial Group on their financial planning, there is one question that comes up with frequency. What should you do in terms of combining the ideas of paying down student loan debt and saving for retirement? The answer is simple, it depends.

One of the questions we receive a lot at North Main Financial Group is, “How do I get started with financial planning?” That’s usually followed up with questions about 401Ks, investing in the stock market, saving for college, insurance needs…the list goes on. It’s a big, broad question which can’t be answered in a few hundred words here. However, there are a few things to think about as you think about putting a financial plan in place and possibly consider consulting with a financial advisor.

Many of you have been watching the stock market over the last several months and it’s no surprise that’s it’s been quite a rollercoaster. In fact, if you think about it in terms of being on a boat and riding the waves of the ocean, it can make you quite seasick. There were huge negative movements in March of this year and since then, it’s almost been a V out when you think of it graphically. In fact, the market has gotten pretty close to where we were before the effects of COVID-19. So, what does that mean? It means a whole lot of things but here are a few key thoughts.

It’s hard to believe the year is already half over! Normally we would be looking ahead to that long-awaited vacation, spending time with family, and gathering with friends for summer BBQ’s. However, 2020 looks a bit different due to COVID-19. The kids are indeed out of school and there is still plenty of sunshine to go around but many of us are looking for ways to stay entertained in this new world of social distancing. There are people still out of work, or others who are now working from home, and vacations have been cancelled.

One of the questions we are frequently asked at North Main Financial Group is, how much do I need to save for retirement? Unfortunately, there isn’t a one-size-fits-all answer. Each person is different. When trying to determine how much you should save for retirement you need to take into account things like, career path; current savings and investments; if you have children; lifestyle; the list goes on and can be quite lengthy. Even if a person is in the same demographic as you, their answer will be different based on a whole host of variables.

In recent months, the ups and downs of the stock market might feel more like a roller coaster ride which is enough to upset anyone’s stomach. While we are all looking for those green arrows, there can be opportunity in the red arrows. In fact, when we’re going through times of extreme stock market movements we are often asked, ‘how do I invest in a down market?” There is no blanket answer to that as everyone’s situation is unique. However, here are a couple points you may want to keep in mind:

It’s a new year, fresh start…and that includes finances! When the clock strikes 12 and the calendar flips over to a new year, it’s often a fresh start for many. While there are many resolutions and goals made, the start of a new year is always an interesting time both personally and professionally. It’s not always happy and can be challenging for some but it does give us an opportunity to reflect on where we’ve been, or it may push us forward to look ahead at what the new year may bring.