SAVING FOR THE FUTURE
Saving For Your Golden Years and
INTELLIGENT INVESTING Retirement can be one of the most enjoyable times of life – full of fun, family, and taking that trip you always wanted. But it requires a lot of planning to make sure you have enough money to pay the bills and do all the things you want. We spoke with alumna and co-host of the Smart Women Invest podcast Michelle McKinnon, Delta Phi. She is also a Certified Financial Planner and Senior Financial Advisor with Payne Capital Management in New York City. Michelle shared some of her insights on smart retirement planning. T H E AN C H OR
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WHAT DREW YOU TO THIS PROFESSION?
F AL L 2018
I started out as an environmental studies major and took a college job at a greentech venture capital firm. There, I gained an interest in finance and changed my major. I have always been passionate about helping women and have a lot of women clients today, so it’s been a great fit.
WHAT ARE SOME TIPS YOU HAVE ABOUT SUCCESSFUL RETIREMENT PLANNING? Start now, no matter how much money you have to save. Young people especially have decades for their money to grow. It’s almost like a ‘free lunch’ – your money can grow on its own and typically double every 10 years or so, depending on your investments. Second, look where you can save NOW, no matter how small. Maybe you don’t buy that cup of coffee every day, or choose to quit the gym membership you never use. Go over your budget to find places to save and invest that money for your future. Third, make sure you are maximizing your employer’s match to your retirement account. That’s free money! Ultimately, the way you build wealth is by saving money and investing it wisely in the market.
WHAT SHOULD SOMEONE LOOK FOR IN AN ADVISOR? Find a good advisor who you trust, who ‘speaks your language,’ avoids too much jargon, and communicates in a way that works well for you. It’s like finding a doctor. You want someone you trust and understand, but who you are also comfortable questioning. Everyone digests information differently. You shouldn’t be scared to ask questions and your advisor should welcome that. I’ve seen too many people lose money because they were afraid to ask questions.
