Retirement Planning

Establishing a solid investment plan is essential to obtaining financial independence.

Effective retirement planning requires various investment focuses at various life stages. For example, liquidity of assorted accounts is much more critical in your early working years and retirement years than throughout your primary earning years. Although Cosey Financial recognizes that every investor’s needs vary, the following guidelines serve as a general retirement guideline, not specific to any one investor.

20’s- Getting Started

Enroll in your company’s 401(k) plan
Be smart about debt
Build good credit
Develop good financial habits
-establish a budget
-pay bills on time
-pay off credit card balances monthly
-save some money from each paycheck
-establish an emergency fund
-learn to say no to impulse purchases

30’s- Finding Your Stride

Continue capturing company match in your 401(k)
Consider opening a college savings account
Ensure that you have appropriate life insurance coverage

50’s- The Earning Years (cont.)

Take advantage of IRA “catch-up” provisions
Consider purchasing long-term care coverage
Protect portfolio growth by reducing risk exposure
Conduct a realistic assessment of your current financial situation
-Identify your “worst-case” scenario
-Reevaluate your current level of savings and your expected retirement date

40’s- The Earning Years

Reevaluate your portfolio’s balance
Trim your budget
Get aggressive with savings
Consider converting your traditional IRA to a Roth

60’s- The Home Stretch

Consider delaying your retirement date if necessary
Delay withdrawing Social Security benefits
Begin to implement and realize financial plan
Evaluate Required Minimum Distribution planning
Closely evaluate your tax plan for retirement years

Contact Us

Cosey Financial Services, Inc.
8880 Cedar Springs Lane, Suite 103
Knoxville, TN 37923

Phone: (865) 470-4244
Fax: (865) 470-4237

 

Securities offered through Silver Oak Securities, Inc.
3339 N. Highland Ave., Jackson, TN 38305
Member FINRA/SIPC
Advisory services offered through Cosey Financial Services, Inc.

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