Today’s Puzzle:
Comprehensive planning takes care of every aspect of retirement, but without it there are areas that could quickly become a calamity. Today we’ll identify five key areas where people don’t pay enough attention and end up flirting with disaster.
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(Click the featured times below to jump forward in the episode)
The Solution:
When was the last time you looked evaluated your entire retirement plan? We’re talking every piece of that financial puzzle to make sure everything is still on track.
Hopefully you work an advisor and meet regularly to discuss your plan, but that’s not the case for many Americans. On this episode of the podcast, we’re going to take you through five key areas that don’t get enough attention and help you understand why it benefits you to take care of these things immediately.
We’ll go through each item in much more detail on the show so make sure you check it out, but let’s quickly run through where you might be flirting with disaster.
First, let’s talk housekeeping items. When it comes to legal documents, many people often set it and forget it or don’t even set it up to begin with, but out of date documents can cause a lot of problems should something happen to you. And along those same lines, failing to update your beneficiaries is a common mistake for many people. As life changes, you should regularly be making adjustments to these documents.
Next up are taxes. We spend most of our time thinking year-to-year for filing with the IRS, but a solid plan will focus on tax planning as well. You want to keep as much of your money as possible, and people don’t think as much about the taxes that await them in retirement after all that tax-deferred growth in 401Ks and other retirement accounts.
Then there’s long-term care. You might think that’s a ways down the road and you’ll take care of it later, but the truth is this is an expense that could wipe away your savings if you don’t have a plan. There are many ways to account for long-term care possibilities that can save you a lot of worry later.
The last thing we’ll discuss is a common investment approach for pre-retirees and retirees. Nikki will explain what the 60/40 portfolio is but also why this strategy might not be as effective as some think.
All of these things can and should be a part of a financial plan you build with an advisor so make sure to address each of these if you haven’t yet so disaster doesn’t show up at your doorstep.
Listen to the entire episode or click on the timestamps below to hop around to different topics.
2:24 – Out of date legal documents
7:21 – Incorrect beneficiaries
10:15 – Ticking tax time bomb
14:43 – Long-term care expenses
19:12 – The 60/40 portfolio
The Full Picture:
“I can’t tell you how many times that I saw situations where people did come in where they had an ex-wife or ex-husband listed as a beneficiary on an account, and their new wife or new husband were not very happy.”
– Nikki Earley
Free Stuff:
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Additional Resources:
The host: Nikki Earley – Schedule A Time To Meet – Or Call: (513) 563 – 7526
