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When it comes to saving for retirement, there’s no one-size-fits-all strategy. But local financial advisers say there are several things you can do to be financially secure:
• Determine how much money will be required to support your standard of living and how many years you will need savings to last, said Bob Wacker, president of R.E. Wacker Associates in San Luis Obispo.
• Save regularly and diversify investments, Wacker added.
• Anticipate the consequences of inflation on the cost of everyday needs, said Diane Blakeslee, a certified financial planner and founder of San Luis Obispo’s Blakeslee & Blakeslee.
• Consider postponing retirement, Blakeslee said.
• Get out of any debt you can, especially credit card debt, said Judy Klearman, a certified funds specialist for Raymond James Financial Services in San Luis Obispo.
• Keep enough cash on hand to withstand swings in the stock market. At least three months of living expenses is a good way to start.
• Reduce exposure to risky investments.
For more information on saving for retirement, visit the FINRA (Financial Industry Regulatory Authority) site at www.saveandinvest.org.
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