It can be scary retiring after a near lifetime of working. Perhaps even scarier is realizing that you must live on what you have now in investments. The markets daily ups and down with the television, radio, and social media hype only enhance this fear. How are you to do your retirement investing? Put them under a mattress or bank CD’s earning very little interest? Here is a method that works for my clients.
Financial planners like myself often encounter clients wanting to know how to financially retire. While retirement is about much more than just money, that is why folks frequently seek out financial planning. These people just want to know “How much do I need to retire” to avoid living under a bridge? This can become a kind of “Catch 22” question.
Maintenance While cleaning up and doing tent maintenance after a recent Orland Park Cub Scout camping trip, I thought about how important it is to perform maintenance on many items including my investment accounts. This part of financial planning is necessary yet a very unexciting chore. I perform such cleaning tasks as making sure beneficiaries
Funding a Trust My financial planning training and estate planning lawyer suggested I create a living trust for my estate planning situation. I went through the process of creating and signing legal documents with my wonderful attorney, Amy Delaney. After that, the real work began. I needed to fund the trust. That means I worked
9/23 Do you hold individual stocks? Consider the size of your portfolio you may be taking too much risk. Just consider the wide swings of stocks like Tesla or the problems of Enron and others in the past. A diversified mutual fund or Exchange Traded Fund gives you the ability for a relatively modest
9/16 Living on less than one makes doesn’t have to feel like money diet. It is about an approach to lifestyle. The cliche of giving up the expensive latte has merit. It can be replaced by an upscale cup of coffee prepared at home for less. Ultimately, there is money saved while still having a
9/2 Do you have replacement coverage on your homeowner’s insurance? If not, you may end up with a big bill if you have complete rebuild. 9/3 Are you investing in your professional education and advancement? Consider that your individual human capital today will become your future financial capital. 9/4 How much do your investments cost