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Women, Wisdom and Wealth Insurance Retirement Planning
Home > Blog > 7 Financial Resolutions for Pre-Retirees in 2019
FRIDAY, JANUARY 4, 2019

7 Financial Resolutions for Pre-Retirees in 2019

 
If retirement is around the corner, focus on paying down debt and creating a retirement income plan.
 
Ifwill be retiring within the next few years, you can consider yourself a pre-retiree, and now is the time to start preparing your finances for transition. Here are some recommended New Year's resolutions pre-retirees should make in 2019 to get ready for a happy retirement:
 
1. IdentifyGoals andObjectives.At this point in your life, you need more than a vague notion of what retirement will look likebefore you actually get there.You wantto startnowthinking about retirement expenses,includingthe cost of your interests, hobbiesand activities(such as traveling)so that you will know what you can afford.
 
2.Pay offDebt.If you've been talking about getting out of debt,it’s time nowto get serious.In most cases, amortgage, credit card balancesor even student loans can crippleyourretirement budget.Payoff bills now while you are still earning money. Doing so will leave you in a better place financially, rather than waitingto drawdown on your retirement savings to pay off the debt.
 
3.Create aRetirementIncomePlan. Having enough money in retirement savings isa good foundation forhavinga successful and happyretirement.A key question to ask yourself is"How aremyretirement assets -401Ks, pensionsand savings -going to createlifetimeincome?"The answer to this question lies in working with a financial professional that specializes indesigning aComprehensiveWrittenRetirementIncomePlan.
 
Taxes is an important consideration in a good retirement plan.Financial professionals atJP Financial Groupcan design your Customized Written Retirement Income Plan that includes minimizing tax liability while showing the income you need to maintain your retirement lifestyle.
 
Without a written plan, you run the risk that all aspects of retirement have not been considered.
 
4. Understand yourSocial SecurityStrategy.A good retirement plan should includefiguring out the right timeto claim Social Security. Although Social Security benefits can be claimed as early as age 62, you can lose up to one-third of your monthly benefit amount by not waiting until your Full Retirement Age.
 
Becausepeopleareliving longer, itmaymake sense to delaytakingSocial Security, depending on your marital status, personal needs and other income sources.You gain 8 percent for every year after your full retirement age that you delay takingSocial Security.Wiseuse of thisstrategy is very important to your income plan and it’s more than a notion to understand what is best, aseachperson’scircumstanceis different.
 
5.ReviewLifeInsuranceCoverage.For many retirees, life insurance needs change as theylongerhavea needto provide for a familyas they did earlier in life. However, if you carry a mortgage,have other debtsor are raising grandchildren, you will need to evaluate your insurance coverage.
 
Ask your financial professional atJP Financial Groupfor aCustom Policy Reviewto determinethe rightlife insurance needsin retirement.
 
6. Understand yourHealthInsuranceOptions.If you're retiringbefore age 65, havingahealthplanto cover the cost ofhealth insuranceimportant.
 
Medicare doesn’tbegin until age 65, so early retireeswillneed toinclude in their income plan the cost ofhavingprivateindividualhealth insurance.COBRA coverage allowssomeretireesto continue buying their workplacehealthcoverage; however,thecostis usuallyexorbitant.
 
The financial professionals atJP Financial Grouphave expertise in evaluatingthe cost and options forqualified health insurance plans.
 
7. Work with aFinancialAdvisor.Reviewingyour financialrisk profile is a keytask for pre-retireesto do in 2019.Asexpertsin retirement income planning, financial professionals atJP Financial Groupcan help identifygapsin your retirement plan.We can alsodiscussand help you prepare forcommon risksin retirementthat you may not have thought about.Most important for pre-retirees is protecting your hard-earned retirement savingsfromthe possibility of a market downturn.
 
Pre-retirees have plenty to keep themselves busy in 2019and we’re here to help.
 
If you have any questions please feel free to contact me
Get in Touch Today                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       !
 
Joyce Palmer
CEO & Managing Partner
JP Financial Group LLC
801 E. Morehead Street
Suite 305
Charlotte, NC 28202
Office Number (704) 543-6269
Fax Number (888) 600-0481
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Posted 9:59 PM

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