Saturday, May 18, 2013

Start planning retirement by having a plan

Everyone should have some type of legal document that directs where the assets of their estate should go when they die.  This document is most commonly referred to as a last will and testament. Another popular legal document that may be used in the place of a will is a living trust.

A last will and testament does not necessarily control where everything goes.  Certain assets such as retirement accounts, annuities, life insurance, etc. , are controlled by beneficiary designations.  Make sure that these designations are up to date and reflect your current wishes as to where these funds will go.
If you wish that certain sentimental items go to specific individuals, make sure that you designate these as specific gifts in your will.  Otherwise, these items may or may not get to the person that you wish to have them.
Make sure you have enough life insurance.  Life insurance is a powerful tool in estate planning.  It can be used to provide liquid funds to replace lost income, pay off a mortgage, pay for a college education, pay debts, pay taxes or just provide a better life to the beneficiaries.  
Make sure you have a durable power of attorney and health care directives in place.  These documents allow someone to manage your assets and your care should you reach a point that you are unable to.
These are some of the important things to consider when planning for where you want your stuff to go when you die.  Each person’s situation can be somewhat unique and there are other issues that may need to be considered.  Be smart and seek out a qualified professional to consult with about creating your estate plan.  Your loved ones will someday be glad you did.Here are some tips to help you start:

Start the conversation with loved ones. There are many tools to help you, do a Google search for getting started on retirement planning and tools like the following are available to you
Our retirement planning tools will help determine your cash flow, calculate your RSP Contribution and plan your retirement strategy. ... Getting Started: More than 10 years to retirement · Nearing Retirement: 10 years or less to retirement ...
With a clear plan, you can make wise financial decisions and truly measure their results. This retirement planning tool will help you get started on the planning ...
BMO InvestorLine's asset allocator is an online planning tool that will help you ... new house, your child's education or retirementgetting the right asset mix is an ...
File Format: PDF/Adobe Acrobat - Quick View
your employer-sponsored retirement plan. This special ... wealth of tools available on ... The following suggestions can help you get started. 1.
18 Jul 2006 – Get-started retirement plan. Puzzled about what to do now that you've signed up for your 401(k) plan? Our expert has some answers.

Formalize your plan. Work with a respected financial professional who may have a better understanding of all the options available, but before you do go online. Here are a few sites that may help you formalize your plan

CHAPTER 8: Formalize Your Investment Plan - Investment Guide
    Formalize Your Investment Plan with an Investment Policy Statement. You have already .... Here is an example of how a long-term plan for retirement might look: ...
  2. Retirement Planning | estimating retirement income needs
    In the following section we have outlined a number of steps to help you formalize your retirement plan. Some of these steps will involve using facts and figures ...
Commit to your plan.  Committing to a plan enables people to have more choices and be aware of options. Here are some sites to help
File Format: PDF/Adobe Acrobat - Quick View
BMO Retirement Services is a part of BMO Global Asset Management and a division of the BMO Harris Bank N.A., offering ... Although 
your retirement planning approach should ... and then commit yourself to reaching it before you retire.
When you choose Penad, you get a service provider and a partner who is committed to making sure that your pension plan is administered with utmost care.
When planning for retirement, it makes good sense to commit your budget to writing to get a better handle on your finances and to avoid missing something ...
You can achieve the retirement lifestyle you envision if you take the time to set yourgoals, make a plan and commit to it. Your group retirement plan makes it ...
19 Feb 2011 – SOME people track their spending on a spreadsheet. They tend to have names like Ian and Cheryl, and they bring homemade hummus and ...
30 Jul 2011 – Let's focus on the big kahuna: creating and sticking to a savings plan. Paying yourself first (meaning putting money away every single paycheck ... › A-Z guides
Sticking to a regular savings plan is a great way to achieve your goals and get your finances sorted. In most cases, it's better to save for things than to go into ...
8 Mar 2011 – The tension between trying to stay within the spending limits and the desire to generate a savings surplus creates the drive to stick to the plan.

"Having a plan helps people get a clearer idea of what they'll need later in life and enables them to set attainable goals, track progress and adjust the plan if necessary, however many of us go through life with the Alice in Wonderland approach

"Would you tell me which way I ought to go from here?" asked Alice.

"That depends a good deal on where you want to get," said the Cat.
"I really don't care where" replied Alice.
"Then it doesn't much matter which way you go," said the Cat.
- Lewis Carroll, Alice's Adventures in Wonderland (1865), novelist and poet (1832-1898).

Make a plan and stick to it and you will be surprised how well you can do!

1 comment:

  1. Amazing...don't you love the wonderful attitude that come from taking money out of every thought. Thank you for the new "retirement calculator". Great post.
    Powerful Retirement Tools