Finance your goals and invest in the future you want

As the summer of 2021 officially kicks off, many businesses are returning to full capacity and normal operation after more than a year of having their doors closed. Consequently, the job market has quietly reopened, and the unemployment rate is on a slow but steady decline, currently standing at 5.8% (reported May 2021) as opposed to the whopping 11% in June 2020.¹

If the pandemic has taught us anything, it’s that life is full of uncertainties. We urge our clients and customers to prepare themselves financially for the future as best as possible, knowing that there will always be unexpected challenges to overcome.

As the economy continues to reopen and normalize, now is a good time to reassess and consider your financial goals, such as saving for a comfortable retirement, or being able to help your child go to college. Saving for both your retirement and your child’s education at the same time can be challenging, but Amalgamated Investment Services offers solutions to help put you on the path to achieving all your goals.

Through Amalgamated Investment Services, we offer access to a range of investment options that can provide financial returns while also adhering to our overarching values of social responsibility. You can save for your future while also investing your money into areas that have a positive social and environmental impact on our planet. By investing in socially responsible industries, you are joining an ever-growing movement that works collectively towards economic justice for both people and planet. Moreover, according to recent studies, sustainable investments tend to have a competitive edge in terms of financial performance.² (Past performance is not a guarantee of future performance. This does not reflect the performance of any particular investment and reflects only particular studies.)

In the past, many employers offered their retired employees a generous corporate pension. Today, while companies still often offer some form of 401k or investment plan, you are primarily responsible for structuring and monitoring your own retirement income plan. On a positive note, this also means you have more choices in directing your investment dollars to maximize them from both a financial and impact perspective. The first step is to consider how much you can afford to put aside each month, budgeting your family’s total income and expenses. Once you know how much you can afford to save for the future, then you can decide how to divvy up those funds.

When investable assets are limited, your retirement plan should take priority. There are always options to apply for student loans or even a scholarship, but when it comes to your retirement the success of your plan will be based primarily on the money you have been able to put away. The money that you invest in your retirement now can grow with years of potentially tax-deferred or tax-exempt growth, further powered by compounding of your returns.

On the other hand, if you can save even a small sum on a monthly basis for your child’s education, it can make a huge difference when saved in an investment account over the course of several years. For example, if you saved $100 every month and earned 8% annually, you'd have $18,415 in your child's college fund after 10 years. (This example is for illustrative purposes only and does not represent a specific investment. Investment returns will fluctuate and cannot be guaranteed.)

Amalgamated believes in advocating for an economy that centers around the voice of workers, and offers support to our clients as they work towards achieving their financial goals and a rewarding retirement. Our Infinex representatives are available to work with you to help you assess your financial situation and provide guidance in selecting appropriate investments for your goals with a values-aligned approach.

Reach out to learn more about Amalgamated Investment Services retirement plan.