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10 Quick Tips About Financial Planning

10 Quick Tips About Financial Planning

| August 04, 2016
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Financial Planning

Pension Options

When choosing pension options, it is important to understand how they affect you, and how they affect your heirs. If you happen to choose the incorrect pension option, then to bad so sad. You are stuck with it. So how do you choose the right one? By having a plan that lasts throughout your retirement. The chosen option should fit with the plan.

Social Security

There are many ways and combinations to take social security. Most are not aware on the best way to take it. Hint: It’s not always at retirement age.

Risk Tolerance

Sometimes a simple uptick in your risk tolerance will help you to retire sooner. But please be aware that you should have more then one scenario ran (I run 10,000) if you are looking at a risk tolerance increase.

Old 401ks

I meet a lot of people who say they don’t like to lose money. Yet they leave old 401ks behind invested the same way regardless of market conditions or the conditions of their own life. Even worse, some people that I have met, forget where their 401ks are. Then they are never recovered. You may not want to leave 401ks behind.

Medical Costs

Medical expenses are the highest expense that retirees will experience in retirement. Yet most do not figure them into the plan. Make sure you figure them in.

Estate Plan

If you do not have an estate plan in place, you are doing a great disservice to your heirs. Unless you think the government is a charitable organization, get an estate plan as part of your financial plan.

Tax Plan

Part of planning is to make sure you can minimize taxes to have more in retirement. Also where you withdrawal from matters for taxes. There are a great many strategies that can be employed that can minimize taxes in retirement.

Life Insurance is Life Insurance is Life Insurance

There are too many people who have been given the belief that permanent life insurance is some sort of savings account for retirement. While it is true that you can accumulate funds in a life insurance policy, it should not be your only or even main source of retirement funds. Why? Well because it is life insurance, not a savings account.

Silver Bullets

I know this is hard to believe for some people but there are no silver bullets when it comes to retirement planning or retirement solutions. I have seen, over the years, people come to me with ideas that everyone should get into because they will make tons of money. If there were such a product out there then everyone would buy it. Everyone’s situation is different.

Know your plans

What are your plans in retirement? Are you going to live the leisure life, staying mostly at home watching the grandkids? Or are you planning on the travel life, living all over the world? These are important when planning for retirement. Make sure the plans are written with you in mind.

If you need any information on financial planning, take a look at our process. If you would like to meet with us, please give us a call at (435) 535-1630 or schedule a consultation here.

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