Retirement Plan Today so You Can Live Your Dream Tomorrow
You've worked, planned and have done the right thing and now you want to live the retirement you have always dreamed about. See how our Lifetime Income Plan can provide you a guaranteed stream of income that will keep pace with inflation.
Life Stage Planning Strategies Designed For Each Life Stage and Your Lifetime Goals
See What You Should Be Working on at Each Stage
Stage 1: New Grad - Entering Work Force
- Make a Budget - know your income and learn to spend less than you earn
- Track Your Expenses - know where your money is going
- Start Saving for Retirement - participate in your employer sponsored plan to take advantage of any match. Also contribute to a Roth IRA
- Designate Beneficiaries on Your Financial Accounts - decide who should receive your assets in the event of your death
- Start Estate Planning - Name a Power of Attorney, create a Living Will and designate a healthcare proxy
- Get Disability Insurance - this will provide a stream of income if you get sick or injured and can't work
Stage 2: Advancing Your Career
- Consider Continuing Education/Advanced Degree - income tends to increase with each level of education obtained
- Maintain Retirement Accounts - if you change jobs be sure to roll your retirement funds into an account you control
- Seek Out a Financial Advisor - seek a professional who can help advise what you should be working on and plan for life and retirement goals
Stage 3: Getting Married
- Make changes to your estate - Establish a will if you haven't already done so, update your beneficiaries, Power of Attorney and health care proxies.
- Evaluate all insurance policies - evaluate employer policies and see if it makes sense to be on separate plans or all on one. Add spouse to auto policies. Consider adding additional Life Insurance coverage and make sure Disability coverage is adequate.
Stage 4: Buying a Home
- Buy only what you can afford - make sure your mortgage payments will fit your current income and existing debt payments.
- Re-evalute iour insurance plan - make sure you have Life Insurance in place so that if something happens to you, your spouse and family can continue the mortgage payments and stay in the house. Also, make sure your Disability Insurance will cover the cost of the mortgage and any other monthly bills. This is important for both spouses.
Stage 5: Having Children
- Review your estate plan - if you haven't started a will, it's crucial now. If you have substantial assets to pass to your children, consider starting a trust.
- Start saving for education - open a 529 account ( a tax advantaged savings plan specially designed for future education expenses).
- Begin teaching children financial lessons - begin teaching good habits from an early age.
Stage 6: Established in Your Career
- Max out retirement contributions - save as much as possible in your employer and your own personal IRA accounts.
- Be proactive planning for taxes - meet with your CPA and Financial Advisor to make sure you're maximizing deductions and investing tax efficiently.
- Consider your long-term health needs - investigate Long-Term care insurance that would cover the cost of chronic in home or facility care and help to preserve and protect your assets.
- Begin thinking ahead to retirement - investigate strategies that will maximize your Social Security income and retirement plan allocations that will minimize taxes while allowing safety and lifetime income.
- Catch up on retirement - if you're older than 50, you can catch up with additional contributions to your IRA and 401k.
Stage 7: Retirement
- Plan your budget - start thinking about what you'll need to spend money on when you're retired and what you want to spend money on. Adjust your budget for these goals.
- Finalize Social Security - does it make sense to claim now or wait.
- Review your retirement and investment portfolio - consider an Income for Life plan that will. protect the assets you need for income now while allowing for inflation in the future.
- Downsize - you may not need that much house. Rightsizing you home can reduce property taxes, upkeep expenses and make the budget work more easily.
- Plan for long term health needs - get your Medicare plan in place and also plan to cover the cost of chronic illness and protect your assets.
Income For Life Lifetime Retirement Plan With a Guaranteed Income Stream
Most people's biggest retirement fear is running out of money too soon. The second biggest retirement fear is having to "Live on a Fixed Income" and having their standard of living decline because of inflation.
The good news is the "Income For Life" plan addresses both of these issues while making sure the assets you need to generate your income are safe. The plan also uses time tested formulas to leverage your assets to generate a much larger monthly income than the old standard "5% Rule".
See if the "Income For Life" plan makes sense for your situation. Request your Free guide today!
At Legacy Wealth Strategies we offer our clients Personal, Wholistic Wealth Mangement. This simply means we are not only looking to grow your wealth; but also to identify risks and dangers to your goals and help implement a plan to protect against them.