Getting Financially Ready for Retirement

How long has it been since you took a good look at your financial situation?  I have found a good exercise each year is to take out your “yellow pad” and make a list of all your assets and liabilities.  Although this may not tell you how close you are to being ready to retire, it provides a good snapshot of your overall situation.

When doing this you may notice accounts that need attention, investments that may be suffering, or debt that may need the “aggressive touch” to pay off.  Peek into each of your investment statements and see if you notice too much money sitting in a money market or cash position earning nothing.  While interest rates are still very low ask yourself if your mortgage needs refinancing.

As you plot out necessary changes to make, remember the old adage, “You can’t eat an elephant in one bite!”  So make some gradual changes like increasing your monthly 401(k) or IRA contribution, increasing your monthly payment on a debt you owe, reallocating your investment portfolio to be more effective, or simply realizing that you need “help” and make an appointment with a Certified Financial Planner™.

Don’t make this Social Security mistake!

One of the best financial planning strategies for Social Security is lost if the husband and/or wife begins taking benefits before their “full retirement age”.  Please seek competent professional advice before you or someone you know starts drawing Social Security.  There could be strategies available that benefit you if you will stop and consider them “prior to” filing your application…