There are some mistakes to avoid as you approach retirement and the start of a new year:
1. Not having a plan that reflects your current goals and risk tolerance
2. Not taking the Social Security Maximization profile before you decide when to take Social Security benefits (call our office, 1-800-MONEY-SHM, for your input sheet)
3. Realizing with current longevity and increased life expectancy, your portfolio and assets have to last longer than those of your parents (make sure you're protecting your assets from inflation)
4. Make sure you've addressed the need to have a plan for the potential of health care costs. It can be the biggest expense for many people, and the most significant thing that can cause chaos to family finances.
As I've said other times in this blog - I've been in practice since 1958 - and no one really knows what is going to happen. Make sure you are updating your goals, objectives and risk tolerance, and make sure you have an exit strategy in place.
We urge you to take the SHM Financial Group's complimentary Financial Stress Test. Feel free to contact us at 1-800-MONEY-SHM or visit our website www.shmfinancial.com and don't forget to watch us every Monday at 7pm on WMCN-TV.
____________________________________________________________
The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional adviser. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purpose or sale of any security.
