Print This List    Email to a Friend  

10 Steps To Impact Your Retirement  
INFORMATIVE 

Tags: retirement, steps, top 10, financial planning, estate, taxes, plan

A good friend of mine - and acclaimed Financial Planner in Columbus, Ohio - is Paul Gydosh. He recently sent me his "Ten Steps to Impact Your Retirement " which I couldn't resist putting up here for all to see. For anyone interested in retiring on their own terms and not someone elses...these simple steps are a must read.

1.	Seek To Save A Million – A general rule is that someone planning for a long retirement should seek to save $1 million for every $50,000 in annual retirement income desired. While this may be different for you, you need to build your retirement savings.
2.	Paint A Picture – Envision your lifestyle and goals for the first three years of retirement; longer if you can.
3.	Hire A Professional – It’s all about managing big mistakes and little mistakes and you may not be able to recover from the big ones anymore – Get Help.
4.	Seek A “consistent” Income – If no pension, consider converting some of your portfolio and assets to products that offer income and guarantees (but understand that guarantees are based on the claims paying ability of the issuer of the product). Try to provide enough to cover your basic needs.
5.	Tax Management – Optimize the taxes paid to increase cash flow, preserve assets and/or reduce risk; but be careful not to let the tax “tail” wag the dog.
6.	Diversify & Re-Balance – Manage risk and return through use of asset classes and low correlation. Re-balance if necessary, but resist reacting to events.
7.	Supplemental Income Has Power – Consider consulting, job sharing, or other part time employment income. It takes pressure off your savings while maintaining your focus and social interaction.
8.	Estate In Good Order – Use time in retirement to develop and implement your plan for the disposition of your assets if you are unable to spend them all. You have three choices: Family, Charity, or Taxation; Choose wisely.
9.	Develop Your Plan – Analyze your current situation – Identify your needs and wants. Determine what changes are necessary. Make them.
10.	Enjoy! Someone very wise said, “It’s about the journey…”

Lister: john
Source: Kensington Wealth Partners

Other lists of interest:

Top 25 Sexy & Slutty Adult Halloween Costumes SEXY  (4)

Top 20 Current Concert Tours TOP #  (0)

Ten Easy Steps on How to Pick Up Women (according to David Copperfield) HOW TO  (0)

Life Lessons That Took You Too Long to Learn TIPS  (2)

Events That Take the Longest to Plan TOP #  (0)

Current list rating:  5.00

Comments: Retirement saving makes me nervous. This is very helpful. Comment by: buccicone.2