For a Comfortable Retirement, Start Planning Early
Working hard on building your retirement nest egg right now? That’s excellent! So am I!! Here are five key elements of successfully growing wealth from Nasdaq’s recent post, “5 Considerations to Help You Retire Wealthy.”
- Decrease your risk. If you lose 10% of your savings when you're younger, it’s a tough bounce. But if you lose 10% of the $1 million you saved for retirement at 65, it may be devastating. It is important to know your timeline and the level of risk you can stand.
- Build a firm foundation. Be certain that your retirement's financial needs are addressed and secure them long before you retire. Create a practical budget and a plan that includes a structured way of drawing income from certain assets, implementing cash flow on others, dealing with inflation and taxes and thinking about asset protection in the event either you or your spouse require long-term care.
- Hedge your risk with diversification. There's no reason not to take some risk, but you should protect against losses so you don't lose your hat. Make sure that you don't go with just one investment or asset class. It is better to maintain a diversified portfolio and to consider risk-management options.
- Be realistic. You can retire wealthy by saving your money and avoiding costly mistakes. Shift your focus slowly and strategically from accumulation to preservation, as you get nearer to retirement.
- Seek out experts. Talk with those who have experience in taxes, estate planning and financial planning. This isn’t a do-it-yourself proposition.
Wealth doesn’t build itself, even over many decades. If your goal is to enjoy a luxurious lifestyle in retirement, you’ll need to invest time and effort, with discipline, the help of legal and financial professionals and a willingness to delay immediate gratification.
An estate planning attorney like DANIEL T. FLEISCHER will be able to provide good guidance, while creating a plan to protect you and your loved ones before and during retirement. Go to www.411Probate.com for more information.
Do you live in Miami-Dade, Broward, or Palm Beach counties in Florida? Laws are constantly changing-- has your estate plan been reviewed in the last 2-3 years? Call me (954-888-1747) right away for peace of mind. I can help!
- My practice is exclusively estate planning and probate,
- I have prepared numerous estate plans in 16 years of practice,
- I have administered estates and trusts through Probate all over Florida,
- I am a Certified Financial Planner Professional™, and
- I am here for YOU today and there for your FAMILY tomorrow.
Reference: Nasdaq (April 21, 2017) “5 Considerations to Help You Retire Wealthy”