Focus on saving regularly and aggressively before worrying about anything else, Dan Moisand suggests.
Q: Our nest is now finally empty, and we are just starting to save for retirement. I know we should have started earlier but I was self-employed and it was feast or famine. Every time we got things going, we were just paying down debts incurred when things weren’t so good and the kids got more expensive as they got older. Anyway, I am having trouble figuring out how much of our deposits should go in foreign securities. Everything I read says we should have some, but U.S.
You should focus on saving regularly and aggressively. It is easy to start spending all the new free cash flow once the kids are off the payroll. If you let that happen, you can easily find yourself in a similar cycle that prevented you from saving in the past.As a business owner you have several tax-favored savings options available to you. You should talk with your adviser about those.
Holding foreign securities does not always add value and can significantly reduce returns. This is especially true over short periods of time, as has been the case of late.Based on your empty nest status you probably have a decade or two until retirement. That’s a reasonable time frame to expect foreign holdings to help. Their underperformance compared with U.S. stocks will not continue forever. Timing the change is notoriously difficult.
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