Buying Precious Metals
Listen to my Podcast below and let me know your thoughts. What is your favorite precious metal?
Colorado Springs Financial Planner offers pre-retirement planning advice
When it comes time to switch to a pre-retirement portfolio many people have no idea where to start. It doesn’t even help much to speak to your friends because no two 60-year-olds are alike! The perfect portfolio for your neighbor simply may not do a thing for you.
It’s also important to remember that there’s more to pre-retirement planning than your portfolio alone – that’s only one part of it. For example, if you don’t have adequate health insurance all it takes is one bad physical ailment to have your portfolio all but disappear within a week or so.
The first step you must take in preparing for your retirement, no matter what your current situation, is to start building up a cash reserve. Ideally you should have enough cash to see you through at least one year, preferably two, without having to touch your stocks. When I say cash, I really mean any of your safe liquid investments including treasury bills and money market mutual funds.
Remember that you will have your social security and your pension to help tide you over. If you expect $20,000 from social security and $15,000 from your pension and you need to have $50,000 a year in retirement, then you’ll need to come up with $15,000 for your first year.
Your stocks will grow enough over time to cover you in future years but having a cash reserve will give your portfolio time to grow. If you start trying to put some of your retirement savings into cash now, that would be a great start. It will build up over time.
If you would like to discuss your pre-retirement planning in further detail, contact Colorado Springs Financial Planner Mary Brooks at Brooks Financial Planning today to discuss your options.
Plan and Plan Again!
The last several years have given us much to be concerned about and more than enough to worry over. Of course there is much to be concerned with but the news headlines are seldom, if ever, about GOOD news. It is important to note that all business cycles move up and down. We had a lovely long upward business cycle which had us spoiled.
When the downturn came it was beyond the memory of many. Those of us who were around in the 1970’s remember a downturn that was unsettling, to say the least. The current economic cycle has brought out the best of the doom and gloom writers and it is time to take control of our own thinking and our own financial destinies. For specific details of just how to do that, click below….
1. Have a monthly cash flow plan. (Budget is such a disagreeable word). When you have taken control of your spending and know where your money goes, your sense of accomplishment is enhanced and you are empowered by that control.
2. Check on your life and disability insurance policies. Many have disability coverage through employment and think nothing about it, beyond that awareness. Know what is covered and how it will work if it is needed. Same thing is true for life insurance. The information you glean will be a source of comfort and security.
3. Know what your assets and liabilities add up to. There are percentages that are recommended you not exceed when determining your debt burden. It is good to know what those guidelines are. That information will allow you to feel confident about your decisions and options.
4. Establish specific short, intermediate, and long term goals. Review your options for saving for these good purposes. Using tax deferred investment options will enhance your progress. Remember to measure your savings success by the progress toward your goals, not the day-to-day view.
Do these 4 things and you will find a sense of empowerment, comfort and security, confidence, and success for yourself. Clearly your world can be a source of very good news for you!
Colorado Springs Financial Planner has answers to your financial questions
You’re never entirely finished with your education in personal finances because as you travel through life, your situation is constantly going to be changing. Most of us get our early lessons in finances when we’re trying to save pennies earned from a lemonade stand or fished out of a grandfather’s pocket to buy something we really want.
That lesson about savings is an important lesson to learn, as is the first time you have your own bankbook or your first introduction to compound interest.
Student loans, Education savings plans, down payments, mutual funds, investment portfolios, social security, pension plans…depending on our situation in life you’re going to have different financial concerns.
Right now, like many people you may be wondering about how the current economy is going to affect your investments and your bottom line.
Or maybe you aren’t quite there yet and you’re still wondering whether you should be thinking of setting up education plans for your children or retirement plans for yourself. Maybe you don’t know what a mutual fund is but you want to start putting your money somewhere.
Whatever your situation…whatever your problem, there’s no such thing as a dumb question. I’ve been gathering knowledge in the arena of financial services for more than twenty years and I continue to stay abreast of trends so that I’m always able to answer whatever question you might bring me. I’ve heard it all so don’t feel embarrassed. And if I don’t have an answer for you I won’t stop until I find it.
If you’re seeking a Colorado Springs financial planner, I’d welcome a visit at my office at 34 South Sierra Madre St. If you’re not local to me there’s no reason why we can’t talk. My number is 719-351-0494.
Colorado Springs Financial Planner has answers to your financial questions
