A Financial Planning #Checklist, From Age 20 to 70 and Beyond by ThinkAdvisor and Roger Wohlner (Part 2) What You Need To Know - Younger clients should start and contribute as much as possible to their 401(k) or other #workplace retirement plans. - After #retirement, investors need to review and update their #EstatePlanning, especially if a spouse has died. - At age 50, #savers ideally would have accumulated an amount equal to 3 to 5.5 times their current salary. *(The below is condensed for brevity. Click the article link below for full #tips) #FinancialPlanning is generally about setting goals and helping clients devise and implement strategies to achieve those #goals. Clients in Their?50s This is the home stretch toward retirement for many. Investors should continue on the financial planning and investing path they ideally started in their 40s. This is the time period where retirement planning should be refined and where investors should start thinking seriously about their retirement timetable. #Planning priorities for this decade might include: - Continue to max out retirement savings and take full advantage of catch-up contribution opportunities. Consider a #HSA health savings account if they have access to one. - Discuss #finances with #children and #parents as applicable. Clients in Their 60s This is the decade where #retirement happens for most people. Some may #retire in full, while others may continue to work on a full- or part-time basis. This is a decade where some people may #downsize their #residence and perhaps #relocate. Planning priorities for this decade might include: - Decide?when to claim Social Security benefits. - Review?Medicare options?and claim at 65 or older if covered by an employer's health plan. - Formulate a more concrete?retirement #income #strategy?including which accounts to tap and when. - Look at their tax situation as they enter retirement to ensure that withdrawals are done in the most tax-efficient way. - Look at #LongTermCare options. - Update and revise their #will and?#EstatePlanning?as needed.? Clients in Their 70s and Beyond - Most people will be retired during this period. Planning priorities might include: - Prepare to take?#RMD required minimum distributions?each year, starting at age 73. - Review?#Medicare options?annually and make changes during the?open enrollment period?as needed. - Review and update their estate planning as needed, especially in the event of the #death of a #spouse. - Determine where they might live in the event that they need to move into some sort of?care facility. - Discuss their situation with children or parents as applicable. How Much to Save for Retirement, by Age + More! Click the article link https://lnkd.in/eD-wKChS
