The economic forecasts set forth may not develop as predicted.The most common way of assessing the artistic value of a watch is through its craftsmanship. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. I hope you enjoyed this month’s edition of my newsletter. If you know anyone who may benefit from my services or the information contained in it, please feel free to pass it on. For daily articles and information please check me out on Twitter at or through LinkedIN. Delaying what we need to do to put our financial house in order will only add witness marks to our financial situation. Starting this process is often daunting and we often put our heads in the sand. Rainy day fund - how do you plan on paying for unexpected events such as a flooded basement, extended illness or job loss? 3-6 months of cash on hand is a good benchmark. Estate Plan -Start with reviewing your beneficiary information on retirement and insurance policies. In addition, an estate plan like a Trust can help ease the burden on your loved ones, ensure your assets are distributed as you wish, help reduce taxes and plan for future personal care and health care needs.ġ0. Projected income during retirement - If you haven’t already go to and set up your own personal account to review what your benefit will look like at FRA. Social Security will only replace a portion of your pre-retirement income. For lower income households it may replace up to 40% of your pre-retirement income, but for higher income households that number may be substantially lower. Knowing your Social Security benefits and any dividend, pension or other income sources will help frame your financial narrative.ĩ. Investment Risk - Do you know level of risk you’re taking with your investments? Are you comfortable with that? Is it in line with your short term and long term goals?Ĩ. Current savings plan - how much money are you saving now and where? Is it enough to help fund your future? At what point do you expect to start using your savings for living expenses? This last point is critical because a lot of people would like to retire prior to their Full Retirement Age. If you were born after 1960 that means you won’t be entitled to a full retirement benefit from Social Security until age 67 and that’s only if nothing changes in the administration/legislation of the Social Security frame work.ħ. Lifestyle - Think about the kind of lifestyle you have now. Is that something you would like to continue when you retire? How much will this lifestyle cost? Research indicates that, to maintain your lifestyle through retirement, you’ll need 78% of your pre-retirement income.Ħ. Your assets - create an inventory of your stocks, bonds and other assets in your investment portfolio, as well as savings accounts, retirement plans and the equity in your home. I use WealthVision with my clients, however there are some great personal wealth management tools available to help track your assets and net worth.ĥ. What is your current income and expenses - This simple exercise is often forgotten. Spending beyond your means and not billing yourself for retirement, college savings or even a vacation is a primary example of how we often get ourselves into trouble. Savings whether for the short term (1-3 years) or long term needs to be a line item in every budget.Ĥ. Family History- Let’s face it today people are living longer. There is a strong chance that you could be living well into your 90s. I also find this interesting when dealing with pending retirees regarding social security, bet on yourself to live and be optimistic.ģ. What are your goals -Where do you want to be or expect to be in the next 5, 10, 20 or 30 years. Also, remember that you may be living in retirement longer than you think.Ģ. Here are 10 steps you can take to start to put that old clock together- The right way!ġ. When it comes to our finances we can all look back and think about the things we would have liked to done differently. Some of those witness marks we can likely see in Credit Card Debt, lack of college savings, or our own retirement savings. In Horology (The art of making clocks and watches), these marks are used by masters to take apart old clocks, repair them and determine what the original clock maker intended or what mistakes a previous reclamation project might have yielded. generally, an intentional, accidental, or naturally occurring groove, smear, stain, abrasion or other feature that can serve as evidence. I recently listened to a compelling Podcast and was introduced to a new term:
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