1. Be careful in putting all your investments (nest egg) in one basket
A planned well-diversified portfolio facilitates positive performance of some investments and can balance out poor performance of others investments. The mix of investments in different asset classes (e.g., stocks, bonds, real estate) help keep your retirement goals on track even when one investment goes through and downsizing period. Diversification is vitally important as you get near retirement. You have fewer years of income to rebuild savings if some investments post losses.
Contact a Certified Financial Planner (CFP) to recommend diversification strategies based on your goals and risk tolerance. Regular meetings with Certified Financial Planner are encouraged to keep your goals on track for a well planned retirement.
2. Get your estate plan in order to keep your heirs aware
Make things much easier for your loved ones in the future by talking through estate planning today. Your CFP advisor and attorney can work with you on estate planning. You will obviously want to have your exact wishes of your estate carried out.
Estate planning points:
3. Don't wait too long to think about your current and long-term health care needs
Protecting your assets means planning carefully for health care needs (expected and the unexpected). Your first step is to make sure you have enough medical coverage, plus a long-term care strategy.
The process begins by finding out which Medicare benefits you’ll be eligible for down the road and researching options for supplemental insurance (assuming you are over 65). For example, hybrid life insurance policies combine life insurance with long-term care benefits that may help you pay for the costs of a nursing home, assisted living or in-home care — expenses Medicare does not cover. In general, these hybrid policies may be more affordable than traditional long-term care policies. Check them out throughly with your CFP or a licensed insurance agent.
4. Don't keep your 401(k) accounts in multiple places
If you have changed jobs several times during your career, you might have multiple 401(k)s at different employers. It makes sense to consolidate these accounts. Be careful, before you do, discuss a few critical factors with your CFP:
5. Be aware of paying too much in taxes
It make sense to pay taxes now to lessen your future tax liability. Could charitable gifts lower your taxable income? Are there tax deductions you’re not using to your advantage? Your CFP and tax accountant can work together to create a tax strategy for you.
Schedule a retirement check-in with your CFP!
By the President of the United States of America. a Proclamation.
Whereas it is the duty of all Nations to acknowledge the providence of Almighty God, to obey his will, to be grateful for his benefits, and humbly to implore his protection and favor—and whereas both Houses of Congress have by their joint Committee requested me “to recommend to the People of the United States a day of public thanksgiving and prayer to be observed by acknowledging with grateful hearts the many signal favors of Almighty God especially by affording them an opportunity peaceably to establish a form of government for their safety and happiness.”
Now therefore I do recommend and assign Thursday the 26th day of November next to be devoted by the People of these States to the service of that great and glorious Being, who is the beneficent Author of all the good that was, that is, or that will be—That we may then all unite in rendering unto him our sincere and humble thanks—for his kind care and protection of the People of this Country previous to their becoming a Nation—for the signal and manifold mercies, and the favorable interpositions of his Providence which we experienced in the course and conclusion of the late war—for the great degree of tranquillity, union, and plenty, which we have since enjoyed—for the peaceable and rational manner, in which we have been enabled to establish constitutions of government for our safety and happiness, and particularly the national One now lately instituted—for the civil and religious liberty with which we are blessed; and the means we have of acquiring and diffusing useful knowledge; and in general for all the great and various favors which he hath been pleased to confer upon us.
and also that we may then unite in most humbly offering our prayers and supplications to the great Lord and Ruler of Nations and beseech him to pardon our national and other transgressions—to enable us all, whether in public or private stations, to perform our several and relative duties properly and punctually—to render our national government a blessing to all the people, by constantly being a Government of wise, just, and constitutional laws, discreetly and faithfully executed and obeyed—to protect and guide all Sovereigns and Nations (especially such as have shewn kindness unto us) and to bless them with good government, peace, and concord—To promote the knowledge and practice of true religion and virtue, and the encrease of science among them and us—and generally to grant unto all Mankind such a degree of temporal prosperity as he alone knows to be best.
Given under my hand at the City of New-York the third day of October in the year of our Lord 1789.
Colorado Springs Over 50
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