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Retirement: What to do in your 40's!


I have been advising clients for over 12 years on building retirement assets and planning for income needs in retirement. The most important issues can all be addressed in a properly executed financial plan with the help of an advisor. So creating a financial plan with an financial advisor is the #1 thing I believe that should be done. Good advisors are trained to ask questions and listen, gather needed information and analyze it, put an action plan together with appropriate recommendations to achieve goals and finally help clients monitor and evaluate the success of the plan all while making necessary changes along the way. For list of action items there are many and some do depend on a person or couples specific situation.

Here are 10 areas to start (not in a particular order):

  1. Create Personal Financial Statements.
  2. Budget.
  3. Understand what tax advantaged savings vehicles are available to you for retirement and plan to maximize the savings you can put in them.
  4. Retirement Savings vs. College Savings-understanding why retirement savings should come first.
  5. Risk Assessment- looking at ones insurance coverage needs (not just life insurance).
  6. Estate Planning- Wills, Trusts etc.
  7. Asset Allocation-Strategic vs. Tactical.
  8. Financial Advisor, Accountant and Attorney-understanding the value of advisors.
  9. Portfolio Review-know what you have and why, are their conflicts of interest, understanding fee structure.
  10. Debt Management.

You do not have to do these things alone as often people do. Having professionals help free's up time and allows one to concentrate on what they are professionals in. Also having different perspectives often helps identify areas that require more attention. 

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