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Building wealth and retiring comfortably doesn't have to be a pipe dream. It's a very realistic goal for most people, but it does require planning. According to TIME, a full 33 percent of Americans currently have no retirement savings at all, and that's a problem.

If you want to ensure you have the money you need, here are some wealth-building tips and strategies that can help.

Start Early for Best Results

Time is literally money when it comes to building wealth. The earlier you start investing in your future, the more time you have to take advantage of compound interest. You also won't have to worry as much about the temporary dips in the market because you'll have plenty of time to recover.

To really build wealth, you need to think about the big picture and the long term. You want to be looking at your 10- and 20-year returns instead of worrying about the daily ebbs and flows. If your employer offers a retirement plan, you'll do well to sign up for it (especially if they offer matching), even if you're 40 years from retirement.

Consider Your Goals and Options

Any time you're making a plan -- whether for your next vacation, dream house or finances -- you need to know the endgame before you can get very far. If your goal is to see the Grand Canyon, but you just started driving without a map, GPS or directions, it's going to take you a lot longer to get there -- if you get there at all.

The same principle applies when it comes to building wealth. If you don't know what your goal is, you won't be able to recognize when you've achieved it, and you won't know whether you're making good progress or need to reassess your investments.

What does this look like in real-life scenarios? Well, let's say that there was a market downturn and your portfolio suffered some losses. If you're close to retirement age or just want to be proactive, you could move some of your investments to a more aggressive allocation to make up for lost ground and hopefully get back on track to accumulating wealth.

However, it's important to understand that these investments also usually come with higher risk, so you'll want to talk to a qualified financial advisor before making any big moves.

If you have plenty of time before you're going to be actually living off your investments, such as when you retire, you may want to stick with the more conservative strategies that only invest a portion of your assets in the stock market. A popular choice for this kind of investment is an annuity.

Annuities are long-term investments that are designed to generate supplemental income after retirement, and they come with the minimum guarantees and claims-paying abilities of the insurance company that issues them.

Talk to One of Our Advisors Today

If you're ready to adjust your investments and create a financial plan that's going to work for your needs and goals in the long run, we're ready to help.

At Ross Wealth Advisors, our team has the experience and knowledge you need.

Contact us via email or give us a call at 614.310.4519 to schedule a consultation. We'll listen to your hopes and concerns about your financial future and help you create a plan to realize the abundant retirement you want and deserve.

* Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing carrier.


By contacting us, you may be offered information regarding the purchase of insurance and investment products.

Your investment advisor is not permitted to offer, and no statement contained herein shall constitute tax or legal advice. You should consult a legal or tax professional on any such matters.

All written content on this site is for information purposes only. Opinions expressed herein are solely those of ROSS WEALTH ADVISORS and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness.
All information and ideas should be discussed in detail with your individual adviser prior to implementation. Fee-based financial planning and investment advisory services are offered by TOUNJIAN ADVISORY GROUP, LLC, a Registered Investment Advisor in the State of Florida. Insurance products and services are offered through ROSS WEALTH ADVISORS, and TOUNJIAN ADVISORY GROUP, LLC are unaffiliated companies. The presence of this web site shall in no way be construed or interpreted as a solicitation to sell or offer to sell investment advisory services to any residents of any State other than the State of Ohio or where otherwise legally permitted.

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