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Tuesday, March 17, 2009
Retirement checklist for bayarea
- check presentations at http://www.slideshare.net/clubalthea
- compiled by connie dello buono 4088541883 motherhealth@gmail.com
Sample recommendations for a retirement roadmap based on your goals and needs
- Use life insurance to fund survivorship years
- protect yourself from large, unexpected needs (purchase a long-term care policy)
- consider an annuity as a conservative investment (37% of your investments for long-term savings)
- Review your total asset allocations
- Further analysis of your qualified retirement plans (weed out conflicting info, get a financial planner)
- Rearrange your investments of available assets for retirement
- put recommendations into action
Tax planning, estate plan, retire wisely in bayarea
Tax Planning (paying unnecessary tax)
- Not claiming enough withholding W-4 allowances to get bigger tax refunds
- Not maximizing tax deductions and itemizing them on your tax return
- Not understanding the huge difference between tax-deferred and tax-free growth on savings
Risk Management and Insurance
- Not funding your life insurance properly (using life ins for superior capital accumulation)
- Not redirecting otherwise payable income tax for your life insurance
- Not understanding safe, positive leverage to own and control assets with very little or non of your money at risk
Living Trust and 720 FICO
- Credit and debt management: 720 FICO and paying off debt and mortgage the wrong way
- Estate planning: having too much liability exposure and not using living trusts and life insurance
Retirement planning by choosing the right investments
- Putting money in crawl investments: CDs and MM
- Thinking that IRAs and 401k are the best way to save for retirement
- Postponing qualified plan distributions until age 701/2 and taking min distributions
- Not employing one of the greatest assets " home equity via a reverse mortgage"
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