One For The Money

• Better planning [01:22]
• Assessing financial readiness [03:09]
• Health and financial planning [07:36]
• Tax diversification [10:25]
• Estate considerations [13:31]

Few things are looked to with more anticipation than retirement, and sufficient savings to provide the income to fund retirement is at the top of the list of retirement readiness. Fidelity, an investment company, suggests that by age 55, individuals should have approximately seven times their current income saved. However, this is just a general rule and doesn't account for factors such as pensions, life expectancy, and other sources of income. 

Seeking advice from a Certified Financial Planner is crucial to ensure a more thorough assessment of your preparedness for retirement. Certified Financial Planners can also determine if enough or too much is being saved. Considering an individual's unique circumstances, they will also determine whether money should be saved in pre-tax or after-tax accounts. 

People can be set financially for a wonderful and early retirement, but that won't matter if they have poor health. Now is the time to start or increase healthy habits, enabling you to thrive both now and during retirement. Those 50 and older should "invest" an hour a day into their health. Longevity is most impacted by major, modifiable behaviors such as exercise, sleep, nutrition, and emotional health. 

Exercise itself is in a league of its own because of its ability to extend one's life and reduce all-cause mortality. It is the most challenging aspect of people's behavior because of the significant time commitment, but having healthy habits entering retirement will make retirement significantly better. 

An estate plan is a critical part of financial planning and cannot be missed. This estate plan must be communicated to the beneficiaries. The primary reason for an estate plan isn't to avoid probate. Rather, estate planning preserves family unity. When the last parent or grandparent dies, money goes into motion, and some people's love for money can destroy lifelong family relationships. This tragic circumstance happened to my father's family. That's why, every fall, I focus on my clients' estate planning preparedness. I also continue to spend time and money on my own understanding of estate planning.

The last decade before retirement has critical planning considerations to help ensure a better retirement through better planning. It's imperative to take advantage of the next ten years and utilize these points. Tremendous progress towards the best retirement possible because the best retirements don't happen by accident but are planned for years in advance.

Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.

• How much do I need to retire? | Fidelity
• Congratulations, You Already Have an Estate Plan - BUT YOU DON'T WANT IT!, Ep #21
• Will I Be Able to Retire?, Ep #23
• Can You Retire with Debt?, Ep #27
• One of the Biggest Risks in Retirement, Ep #28
• Healthy, Wealthy, & Wise, Ep #29
• When to Take Social Security - Avoiding a Potential $200,000 Mistake, Ep #41
• The Only Legacy that Matters - Ensuring Family Unity via Estate Planning , Ep #45
• Why a Will Is Not Enough - Estate Planning, Ep #46
• Ensuring You Get to Spend More of Your Hard Earned Money & the Government Gets to Spend Less, Ep #49