Some of the things to keep in mind include planning, consulting, self-management, minimizing spending, invest in sound ventures and avoid rush decisions. Taking control of personal retirement funds is key to staying financially independent over the long run especially since assets in individual retirement accounts totaled $7.3 trillion in 2014, according to Investment Company Institute.Continue Reading
One of the best ways to ensure control of retirement funds is self-management. Instead of entrusting money to a financial expert, it may be a good idea to simply learn the discipline of financial management. This will ensure money is not spent in paying extra fees for services given by the expert financial manager.
Another way to keep control is through elaborate planning. This means the individual has to prioritize on how to spend the cash and how much to allocate for each undertaking. When faced by a decision that involves a significant amount of money, the individual should stay calm and avoid making rush decisions. Consulting family members or financial advisers on certain issues can help in making the right decision.
The next important thing to keep in mind is that without investing, the retirement fund will keep dwindling without being replenished. To be safe, some amount should be invested in sound ventures that can easily generate more income.
Spending more than necessary is one of the surest ways to lose control over funds. It is, therefore, highly advisable to spend minimally. Whenever the individual wishes to spend, he or she should consider alternatives that are less costly.Learn more about Financial Planning