Retirement Planning

Planning For Retirement
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

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

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

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