7 Retirement Tips 

Sometimes planning can feel overwhelming. Where to start? Follow this yellow-brick road with tips from the Society of Actuaries. 7 Tips:Net worthHedge riskIncome vs. expensesWill it last?BucketsSuitable investmentsReview regularlyNet worth – Your net worth is what remains after you subtract what you OWE (liabilities) from what you OWN (assets). For most of us our house is our largest asset. The Society of Actuaries (SOA) counsel homeowners to consider ways to produce income from their home, renting it, downsizing, creating a source of income. Hedge risk- How much insurance do you have? What insurances might you need, and be able to afford, in retirement? Auto, home, life and long-term care insurance may be areas to consider for your retirement.Income vs. expenses – Apparently most people, according to this article, are not getting concrete with their retirement income figures. So they don’t realize how much they will actually have in Social Security, pensions and IRA income as compared to their expenses. You need to work the numbers into a budget. You can’t just dream this phase of life. You need to plan it as well as possible. Will it last? – After you get black and white with the expenses and your expected income sources, you can do the tweaking to discretionary spending that may need to be done. Figuring out for inflation in retirement is not the goal here. First figure out if you could, in today’s dollars, pay for the expected expenses of retirement. Consider living more modestly as a way to make the income streams last. Of total assets, traditionally about four percent from your total asset value is recommended as the draw per year. Since we are living longer, you also might consider postponing retirement in order to increase savings.Buckets- By this I and other financial advisors mean segregating money into short, medium and longer-term buckets of assets that may be invested or held differently because they will be used immediately and need to be ‘liquid,’ or will be used ten or more years from now and thus can afford to be invested differently and for growth. The diversification may also be a help.Suitable investments – Invest in instruments in which you feel a level of understanding. Don’t extend yourself into things you – or your advisor- don’t understand. Keep things suitable for you and your risk tolerance.Review regularly- Things happen in retirement. Health changes, divorce or death may occur. You need to check the plan regularly so that adjustments can be made.Take concrete steps to plan your retirement.Citation: Marion Syversen, [email protected] Check out our website that includes weekly streaming The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc., Norumbega Financial and all other entities listed herein are separate entities, independently owned and operated.