Here are some questions that are typically addressed in a financial physical: • Have you considered what annual income you will need in retirement or how long you might live during this phase of life? • What do you want to do in the next phase of your life and how much money do you need to do that? • Do you have the proper legal documents that protect you and your family from unexpected life events? • Are you concerned about having enough income in 10 – 20 years to keep up with inflation? • Are you concerned about having to change your lifestyle in later years due to loss of spouse and perhaps their Social security income or even a pension income? • Are you concerned about loss of principal due to stock market volatility? • Are you concerned about not knowing a way to “crashproof ” your estate for you, your spouse, and generations to come? • Are you concerned about the three taxes that can decimate your IRAs and other retirement accounts (i.e. estate, income, etc)? • Are you concerned that you’re paying too much in income and social security taxes? • Are you concerned about nursing home expenses financially devastating you or your spouse’s assets? • Have you thought about how you will handle your savings once you retire and what support you might need?
These items represent some of the areas that are typically addressed when you think about your life plan. They simply provide the necessary background information about the future to develop a roadmap for the journey to get there with predictable outcomes and minimal surprises. Surprises can be overcome when we are in our 30’s and early 40’s but if you find yourself in your mid-40’s or older, and can’t answer these questions, the journey through the golden years will be filled with surprises and emotional stress which will ultimately impact your physical well-being and wreak havoc on your financial well-being. Remember the old adage: “if you fail to plan, you plan to fail”. I highly recommend that you seek guidance in your journey towards the creation of a life plan that better ensures you will be prepared financially for the future. As you seek support, it is important that any plan developed is a goal-based plan with those goals being yours, and not the goals of a financial planner, investment advisor, life coach or estate planning attorney. Since our generation is re-defining retirement by working longer and staying active throughout our senior years, our life plans need to be addressed with great depth and breadth – because IT’S MORE THAN THE MONEY – IT’S ABOUT TOTAL WELL BEING.
As its new President, Jeannette brings to Petros Estate & Retirement Planning 35 years of professional experience in major corporations and as an independent business owner. She is regarded as one of the thought leaders in developing and deploying innovative retirement planning strategies to help pre-retirees and retirees to ensure their financial independence so they can have a dignified, successful retirement. www.phanchor.com
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