Richardville reminds residents to save early for retirement as Senate committee learns about financial security
LANSING – The Senate Banking and Financial Institutions Committee heard testimony Wednesday about the importance of planning properly for retirement and how to invest finances wisely.
“Education is the key to making wise choices for retirement,” said Richardville, R-Monroe. “It’s important that residents use their money wisely, especially during these difficult economic times. I encourage individuals to take time to learn about financial services, so that they can make the best long-range choices possible for their lives.”
Advance Capital Management, a funds management company headquartered in Southfield, testified before the committee. The company focuses on retirement planning services and institutional investment management.
Joseph Theisen, president of Advance Capital Services, and Christopher Kostiz, president and senior portfolio manager of Advance Capital Management, emphasized that people need to have realistic expectations for their investment returns, use more than emotions when making investment decisions, and plan for retirement at an early age.
Richardville agreed that education should occur early in life.
“One of the main investment problems is that people start planning for their retirement too late,” Richardville said. “It’s critical that we educate younger people about the importance of saving early, planning for their futures and understanding financial issues like mortgages and credit cards.”
Posted: Thursday, February 19, 2009
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