Planning for retirement if you have 10 Years
Planning for retirement if you have 10 years means you can see your finish line but you are close. Consider any big-ticket financial commitments you anticipate in the next 10 years and how these items might affect your retirement timeline.
Review your estate documents to ensure the language is up to date. Your estate documents should include items such as a will, a power of attorney, a living will, a health care proxy, and possible a revocable trust.
Reallocate your investment portfolio based on your earnings timeline, focusing on performance, risk and expenses.
Planning for retirement if you have 10 Years
10 years can come and go really quickly. Major market movements can greatly affect your portfolio but more so when you are within 10 years of retirement or retired. Sequence of returns risk involves the order in which investment returns occur. Sequence of returns risk can greatly impact the retiree’s ability to attain short-term and long-term goals, ans has been an area of great interest to the investment community.
This concept is one of particular importance when considering the financial condition of people who are approaching or entering retirement, individuals typically need to begin withdrawing money from their retirement portfolios to generate income. If these withdrawals occur during a time when their investments are producing a positive return, the total value of the overall portfolio will be reduced at a slower rate than it would if returns were very low or negative.
Review estate planning documents
Estate planning is for everyone. If you have little assets and small children you need to have an estate plan in place to care for your small children unless the state will decide for you.
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