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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.

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.