At 95, Nola Ochs became the oldest college graduate; skydiver Mary Armstrong celebrated her 90th birthday with a 12,000 foot jump; and at 93, Bert Kilbride was still scuba diving…Today, “80 and older” is the fastest growing segment of the total U.S. population. Dramatic growth in life expectancies and energetic lifestyles are now enabling us to live 20 to 25% of our lives in active retirement.
Recognizing Americans are living longer than ever before, many financial advisors and tax professionals have created niche specialties focusing on creating highly personalized financial longevity strategies you can start implementing at any age to plan for the future – today.
‘Ready for Retirement?’
Virtually every week on The Today Show, Willard Scott congratulates centenarians celebrating long lives – but he doesn’t address serious concerns like “Did you save enough for such a long retirement horizon?” and “How is inflation eroding your purchasing power?”
Considering a myriad of variables can impact retirement income, working with a financial advisor to develop a personalized portfolio can help you reap the benefits of services such as in-depth analysis of current economic outlooks; and vigilant monitoring of international conditions influencing optimal ways to take advantage of global market trends.
So you can be the “master of your own destiny,” financial advisors can also help devise master financial plans determining how a good asset allocation strategy can help manage investment opportunities and risks. A trusted financial advisor can help you set realistic goals and develop a financial plan to meet them; live within your means; gain a basic education about investments, taxes, insurance, estate and retirement planning; and suggest ways you can diversify so you don’t have too many eggs in one basket.
Ric Edelman, heralded as the nation’s #1 independent financial advisor, hosts a radio talk show routinely featuring segments on how to prepare for retirement. Primary considerations he recommends include: Determining how much money you’ll spend monthly; anticipating the cost of health care; purchasing long-term care insurance; refinancing your mortgage; boosting cash reserves; evaluating sources of income; revising investment strategies to keep pace with the rising cost of living; and reviewing your estate plan.
‘Take Stock of Options’ If you’re investing in stocks, your financial advisor should provide you with a wide range of stock investing services such as developing personal asset allocation strategies; selecting individual stocks; assisting with decisions about when to buy and sell stocks; and frequently providing stock portfolio reviews.
Potential investors need to explore questions such as “What are my investment goals? How much risk am I willing to take? and How can my stock investments work with the rest of my investment portfolio?” Beyond stocks and investmentproducts, discussions with financial advisors may also encompass the merits of annuities, bonds, CDs, exchange traded funds, futures and commodities, IRAs, market linked investments, mutual funds and unit investment trusts.
‘Go With the Pros’
At 70, Roger Alsopp swam the English Channel and Yuichiro Miura climbed Mt. Everest; at 98, Keiko Fukuda earned her tenth degree black belt; and at 102, “born to be wild” Bess Tancrelle was still riding her motorcycle…Vitality, compounded by uncertain economic times, makes consulting with a financial advisor even more of a vital necessity when it comes to developing effective, long-term financial solutions.
Today, many public accounting firms are taking a comprehensive approach to helping clients attain financial security in an ever-changing environment. Smart tax and financial planning is practical in any environment, but in light of recent legislation passed to avoid the “fiscal cliff,” now is an especially prudent time to reevaluate business and personal plans. CPAs can help devise tax strategies such as deferred compensation IRA’s; and they often work with personal investment advisors to help ensure financial security goals are attained. Plans can always be periodically revised to accommodate changing market and tax laws as well as evolving life circumstances.
‘Plan for the Future – Today’
At over 90-years-young, comedienne Betty White is still “Hot in Cleveland”; also still quite vital at 90, Nahu Ram Jogi fathered his 21st child…Through every stage of investment planning, financial advisors can help you plan for the future – today so you can enjoy singing the praises of retirement tomorrow…somewhat like the world’s oldest woman, Jeanne Calment, who released a rap album when she turned 121!