|1. Map out your goals.
2. Plan for a long retirement.
3. Don’t “overspend” in your early retirement years.
4. Don’t forget about inflation. To stay ahead of inflation, you’ll need at least some growth-oriented investments.
5. Prepare for the unexpected. Set aside adequate “cash” reserves in liquid accounts.
6. Don’t “reach” for high yields. You can find more prudent investment strategies for adding income during your retirement years.
7. Protect - and insure - your health. Stay in good shape and maintain adequate health insurance.
8. Get help with your taxes.
9. Update your estate plans. Consult with your legal and/or tax advisor.
10. Get an annual “financial checkup.” Consult with your financial advisor at least once a year.
Consider Consolidating Retirement Assets
By the time you retire, you may have accumulated money in a variety of retirement-savings vehicles at a variety of locations - an IRA here, a 401(k) there and so on. However, you might help yourself by consolidating your retirement accounts to one provider.
For one thing, you’ll keep better track of your assets. Also, you’ll find it easier to calculate the required minimum distributions you must take from your traditional IRA and 401(k) when you reach age 70-1/2.
Furthermore, you could save some money by cutting down on the fees for holding your accounts at various financial institutions.
And finally, by moving your accounts to one place, you’ll find it easier to develop and maintain a single, unified investment strategy, which is important in helping you meet your long-term goals.
Contact Wendell at Edward Jones www.edwardjones.com.