by Chris |
Financial Planning
New Year’s Resolutions Part II: for People Over 50
If we lived in a dictatorship and I were the dictator, I’d be an especially benign one. I’d let everyone live to age 100. As a benign dictator, I’d also bequeath the following New Year’s
resolutions to people over 50. (Resolutions for people 50 and under are here.)
1. Make a Plan. If you don’t already have one, consult with your advisor about a comprehensive financial plan or spend the time with internet calculators and create your own. Most people spend more time planning their next vacation than they do the rest of their life. It’s a valuable excise.
2. Mortgages. As a benign dictator, I really want you going into retirement without a mortgage. I know lots of people would argue with this, but I feel that there’s a psychological benefit to retiring debt free. If your tax-, financial- or spiritual-adivser has good reasons for you to do otherwise, I won’t challenge it.
3. Other Debts. As for retiring debt free, credit cards should be paid off monthly.
4. Monitoring Investments. Continue to monitor your retirement savings and asset allocation. Consult with your adviser to determine if you are on track for your retirement plan, and review your investments.
5. Estate Planning. If you have done well so far (assets exceeding $2 million), you may need to look at some estate planning techniques and life insurance planning.
6. Long-Term Care. Start looking at long-term-care insurance as you near age 60. It’s tough to accept, but you will likely end up in a long-term-care facility or have a caregiver help out at your home. Buy a policy to relieve your spouse and children of the burden of caring for you -- even if you think you’ll never need it.
7. Legal Instruments. Consult with an attorney about a living trust, will, durable power of attorney, living will, do not resuscitate order, etc. Make sure people know how you want your final arrangements to be carried out. It would be a shame for you to be buried at sea if you got sea sick your whole life.
8. Be charitable if you can.
9. Work to live – don’t live to work.
Christopher J. Conner
Certified Financial Planner TM
Certified Fund Specialist
Managing Director
5200 W. Newberry Road E-7
Gainesville, Florida 32607
352-225-3132 (Fax) 352-225-3784
Cell 352-281-4646Advisory
Services offered through Jonathan Roberts Advisory Group.
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